AT&T Subsidiaries Enter $690 Million Inaugural Mexican Peso Facility

March 21, 2018

AT&T Inc.'s subsidiaries AT&T Comunicaciones Digitales, S. de R.L. de C.V. and AT&T Telecom Holdings, S. de R.L. de C.V. entered into their inaugural Mexican Peso Facility. The facility is a two-year unsecured delayed draw term loan facility and is guaranteed by AT&T Inc. The initial commitment amount of the facility is the Mexican Peso equivalent of $690,000,000. Citigroup Global Markets Inc., Banco Nacional de México, S.A. Integrante del Grupo Financiero Banamex, BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer and Scotiabank Inverlat, S.A., Institución de Banca Múltiple, Grupo Financiero Scotiabank Inverlat acted as joint lead arrangers and joint bookrunners. S&C acted for the borrowers and guarantor.
 
S&C previously advised AT&T in its $2.5 billion acquisition of Mexican wireless company Iusacell from Grupo Salinas and its $1.875 billion acquisition of Nextel Mexico from NII Holdings, Inc. With these deals, AT&T expanded into Mexico by acquiring in rapid succession the two companies with the third and fourth largest subscriber bases in Mexico. In connection with these acquisitions, AT&T announced its plans to create the first-ever North American Mobile Service area, covering more than 400 million customers in Mexico and the United States in a single network.

S&C also advised AT&T Comunicaciones Digitales, S. de R.L. de C.V. and AT&T Telecom Holdings, S. de R.L. de C.V. in their March 2018 amendment and restatement of the existing unsecured two-year term loan Mexican Peso facility, extending the existing tranche A facility by an additional two years and adding a four-year tranche B term loan facility with an initial commitment amount of the Mexican Peso equivalent of $500,000,000.
 
The S&C team advising AT&T included Ari Blaut, Joyce Kwok and Kelly Yamashita.