Orbia in $1.1 Billion Bond Offering

May 11, 2021

Cleary Gottlieb represented Orbia Advance Corporation S.A.B. de C.V. (Orbia) in its inaugural sustainability-linked bond offering in the international capital markets.

The offering consisted of $600 million 1.875% senior notes due 2026 and $500 million 2.875% senior notes due 2031. The notes are guaranteed by several of Orbia’s subsidiaries located in Mexico, the United States, the United Kingdom, Brazil, Colombia, and Ecuador. Citigroup, J.P. Morgan, and Morgan Stanley acted as joint bookrunners.

In connection with the notes offering, Orbia adopted and published its sustainability-linked bond framework establishing certain sustainability performance targets which reinforce Orbia’s overall strategic priorities. Orbia expects to use the proceeds of the offering for general corporate purposes, including debt repayment. The offering was conducted as a private placement under Rule 144A under the Securities Act of 1933 and outside of the United States in reliance on Regulation S. The transaction priced on May 6, 2021, and closed on May 11, 2021.

Orbia is a leading provider of products and solutions in multiple sectors, including construction, infrastructure, agriculture, health, transportation, telecommunications, energy, and chemicals, and one of the world’s largest plastic pipes and fittings suppliers.