Mexico in $6.8 Billion Offering and Concurrent Tender Offer

Cleary Gottlieb represented the United Mexican States (Mexico) in a multitranche registered offering totaling $6.8 billion comprised of $3.95 billion principal amount of 5.85% global bonds due 2032 and $2.85 billion principal amount of 6.625% global bonds due 2038.

The offering launched and priced on June 23, 2025, and is expected to close on July 2, 2025.

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 June 23, 2025, and expired the same day. Holders of certain series of outstanding Mexico securities were offered the opportunity to “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 $2.5 billion in principal amount of outstanding securities across nine series.

In addition to paying the purchase price for the outstanding notes pursuant to the tender offer, Mexico intends to use the net proceeds of the bond offering toward the payment of the redemption price for all of its outstanding U.S. dollar-denominated 4.125% global notes due 2026 and otherwise for its general financing purposes.

Barclays Capital Inc., BBVA Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, and Morgan Stanley & 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 30 years.