The United Mexican States closed a global offering of approximately $3.95 billion of 5.85% global notes due 2032 and $2.85 billion of 6.625% global notes due 2038, marking its third SEC-registered debt offering and first liability management transaction of the year. In connection with the offering, the sovereign launched a one-day cash/switch tender offer for certain of its outstanding notes.
The notes are listed on the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.
S&C, which acts as regular underwriters’ counsel in offerings by The United Mexican States, including this year’s €2.4 billion global bond offering and record $8.5 billion global bond offering and last year’s then-record $7.5 billion global bond offering, represented Barclays Capital, BBVA Securities, Goldman Sachs & Co., Mizuho Securities USA and Morgan Stanley & Co. as joint lead underwriters and dealer managers.
The S&C team advising on the transaction consisted of Chris Mann, Alan Fishman, Renata Mascarenhas and Andrea González Morales. Jeff Hochberg advised on U.S. tax matters.