Mexico runs one-day tender offer for five series of notes on Thursday

By Susanna Moon

Chicago, Jan. 9 - The United Mexican States announced a tender offer for five series of notes that will run from 8 a.m. ET on Thursday and end at 4 p.m. ET the same day, with settlement set for Jan. 15.

Pricing for each $1,000 principal amount of notes will be set at 4 p.m. ET on Jan. 9 that results in a yield to maturity equal to the 2045 new notes issue yield less the relative spread for each series.

The notes covered by the tender offer and the relative spread are as follows:

• $328 million 11.5% global bonds due 2026 with a relative spread of 95 basis points;

• $1,327,000,000 8.3% global bonds due 2031 with a relative spread of 50 bps;

• $1,014,000,000 7.5% global bonds due 2033 with a relative spread of 40 bps;

• $2.84 billion 6.75% global bonds due 2034 with a relative spread of 32 bps; and

• $4,208,000,000 6.05% global bonds due 2040 with a relative spread of 20 bps.

Holders will also receive accrued interest up to but excluding the settlement date.

The information agent is Bondholder Communications Group (212 809-2663, attn: Monique Santos, or email msantos@bondcom.com). The dealer managers are Credit Suisse Securities (USA) LLC (attn.: liability management group, 212 538-2147 or 800 820-1653) and HSBC Securities (USA) Inc. (attn: global liability management group, 212 525-5552 or 888 HSBC-4LM).

The tender offer is conditioned on pricing of the 2045 new notes, which is expected Thursday.

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