Mexico in $5.8 Billion Offering and Concurrent Tender Offer

January 12, 2022

Cleary Gottlieb represented the United Mexican States (Mexico) in a registered offering of $2.87 billion principal amount of its 3.5% global bonds due 2034 and $2.93 billion principal amount of its 4.4% global bonds due 2052.

The offering launched and priced on January 4, 2022, and closed on January 12, 2022.

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 January 4, 2022, 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 $1.57 billion of outstanding debt across 15 series.

Barclays Capital Inc., BBVA Securities Inc., BofA Securities Inc., and Santander Investment Securities Inc. 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 the redemption price for all 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.