Mexico in $3.25 Billion Offering

April 14, 2021

Cleary Gottlieb represented the United Mexican States (Mexico) in a registered offering of $3.25 billion 4.28% global bonds due 2041.

The offering launched and priced on April 6, 2021, and closed on April 14, 2021.

Concurrent with the launch of the bond offering, Mexico also conducted a “switch” tender offer to purchase, for cash, certain series of outstanding bonds, which launched on April 6, 2021, and expired the same day. Tenderers could either switch into a specified series of new bonds by submitting an indication of interest concurrently with their tender or tender for cash. The tender offer resulted in the repurchase of an aggregate of approximately $700.6 million of outstanding debt across nine series.

BBVA Securities Inc., BofA Securities Inc., Credit Suisse Securities (USA) LLC, and J.P. Morgan Securities LLC acted as underwriters for the bond offering and joint dealer managers for the tender offer.

In addition to paying the purchase price for the outstanding notes pursuant to the tender offer, Mexico used the net proceeds of the bond offering toward the payment of part or all of the redemption price of a portion of its outstanding U.S. dollar-denominated 4% global notes due 2023 and otherwise for its general financing purposes.

Cleary has previously represented Mexico, as issuer, in numerous securities transactions for more than 30 years.