Mexico begins brief capped tender offer for nine series of notes

Chicago, April 6 – Mexico has started a capped tender offer for nine series of notes with an aggregate principal amount outstanding of $21.1 billion, according to a press release.

The cap, or the maximum purchase amount, has not yet been announced.

Series in offer

Mexico is offering to purchase from the following series of notes with the related pricing information:

• $2,913,174,000 outstanding of 4% global notes due 2023 (Cusip: 91086QBC1) to be priced using the 2.875% U.S. Treasury due Sept. 30, 2023 plus 25 basis points for a hypothetical purchase price of $1,086.07;

• $1,824,808,000 outstanding of 3.6% global notes due 2025 (Cusip: 91087BAA8) to be priced using the 0.75% U.S. Treasury due March 31, 2026 plus 20 bps for a hypothetical purchase price of $1,092.04;

• $942,864,000 outstanding of 3.9% global notes due 2025 (Cusip: 91087BAJ9) to be priced using the 0.75% U.S. Treasury due March 31, 2026 plus 35 bps for a hypothetical purchase price of $1,101.26;

• $2,097,689,000 outstanding of 4 1/8% global notes due 2026 (Cusip: 91086QBG2) to be priced using the 0.75% U.S. Treasury due March 31, 2026 plus 66 bps for a hypothetical purchase price of $1,116.59;

• $2,501,740,000 outstanding of 4.15% global notes due 2027 (Cusip: 91087BAC4) to be priced using the 0.75% U.S. Treasury due March 31, 2026 plus 115 bps for a hypothetical purchase price of $1,115.99;

• $3,455,664,000 outstanding of 4½% global notes due 2029 (Cusip: 91087BAF7) to be priced using the 1.125% U.S. Treasury due Feb. 15, 2031 plus 116 bps for a hypothetical purchase price of $1,116.69;

• $2.5 billion outstanding of 4¾% global notes due 2032 (Cusip: 91087BAK6) to be priced using the 1.125% U.S. Treasury due Feb. 15, 2031 plus 169 bps for a hypothetical purchase price of $1,121.77;

• $1,806,712,000 outstanding of 6¾% global notes due 2034 (Cusip: 91086QAS7) to be priced using the 1.125% U.S. Treasury due Feb. 15, 2031 plus 215 bps for a hypothetical purchase price of $1,302.01; and

• $3,069,439,000 outstanding of 6.05% global notes due 2040 (Cusip: 91086QAV0) to be priced using the 1.875% U.S. Treasury due Feb. 15, 2041 plus 208 bps for a hypothetical purchase price of $1,217.39.

The hypothetical purchase prices are based on $1,000 principal amount of notes and were calculated using prices for the reference securities as of 4 p.m. ET on April 5. Actual pricing will take place around 5 p.m. ET on April 6.

Interest due will also be paid.

Mexico currently intends to redeem all or part of its 4% global notes due 2023 that remain outstanding after the tender offer.

Details

Noteholders who express interest in a concurrent offering of new notes due 2041 will be given priority in the tender offer.

The offer is conditioned upon the pricing of the new notes.

The tender period will expire at noon ET on April 6 for non-preferred tenders and at 2 p.m. ET for preferred tenders.

Mexico expects to announce results and any possible proration on April 7.

Settlement is expected for Friday.

D.F. King & Co., Inc. is the information agent (www.dfking.com/ums, ums@dfking.com).

Dealer managers for the offer are BBVA Securities Inc. (800 422-8692), BofA Securities, Inc. (888 292-0070), Credit Suisse Securities (USA) LLC (800 820-1653) and J.P. Morgan Securities LLC (866 846-2874).

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