Mexico in $6.6 Billion Bond Offering and Concurrent $2.6 Billion Tender Offer

Cleary Gottlieb represented the United Mexican States (Mexico) in a registered offering of $3.396 billion 2.659% global bonds due 2031 and $3.208 billion 3.771% global notes due 2061.

The offering launched and priced on November 16, 2020, and closed on November 24, 2020.

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 November 16, 2020, 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 $2.6 billion of outstanding debt across 11 series.

BBVA Securities Inc., Goldman Sachs & Co. LLC, and Mizuho Securities USA 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 its outstanding U.S. dollar-denominated 3.625% global notes due 2022 and its outstanding euro-denominated 1.875% global notes due 2022 and otherwise for its general financing purposes.

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