Mexico in $3.56 Billion Offering and $2.5 Billion Tender Offer

July 31, 2019

Cleary Gottlieb represented the United Mexican States (Mexico) in a registered offering of an aggregate of $1.46 billion 4.5% global bonds due 2029 and an aggregate of $2.1 billion 4.5% global bonds due 2050.

The new 2029 bonds were a reopening of a series that was originally issued on January 16, 2019. The offering launched on July 23, 2019, and closed on July 31, 2019.

Concurrent with the launch of the bond offering, Mexico also conducted a tender offer to purchase, for cash, certain series of outstanding bonds, which launched on July 23, 2019, and expired the same day, and was the largest tender offer by volume in Mexico’s history. It resulted in the repurchase of an aggregate of approximately $2.5 billion of outstanding debt across 14 series. BBVA Securities Inc., Credit Suisse Securities (USA) LLC, and Goldman Sachs & Co. LLC acted as underwriters for the bond offering and joint dealer managers for the tender offer.

Cleary has previously represented Mexico, as issuer, in numerous securities transactions for more than 20 years.