Mexico in $2.2 Billion SEC-Registered Bond Exchange

August 20, 2012

Cleary Gottlieb represented the United Mexican States in its SEC-registered exchange of approximately $2.2 billion of new U.S. dollar denominated notes for approximately $1.9 billion of previously outstanding bonds. The exchange offer, which was conducted as a modified Dutch auction, provided for 36 permitted exchange combinations (involving three series of new notes and 15 series of previously outstanding bonds). The exchange offer closed on August 20.

The new notes that Mexico issued in the offer have substantially longer maturities than the corresponding previously outstanding bonds that Mexico retired, and the transaction helped implement Mexico’s ongoing program to manage its external liabilities and improve its debt maturity profile. BofA Merrill Lynch, Credit Suisse and Goldman Sachs acted as dealer managers for the transaction, and Bondholder Communications Group acted as information and exchange agent.