Mexico announces results, pricing for tender offer for nine note series

Chicago, April 7 – Mexico announced the results and pricing on its tender offer conducted on Tuesday for nine series of notes related to a $3.26 billion new note offering in two separate press releases.

The aggregate amount of the notes listed in the tender offer was $21.1 billion.

Mexico is purchasing an aggregate $700.59 million of the notes.

New notes were sold to investors in the amount of $2.5 billion with the addition of $760 million of notes related to the tender offer for an aggregate issue of $3.26 billion of new 4.28% global notes due 2041.

Results

Mexico is accepting for purchase the following series of notes with the related pricing information:

• $84,588,000 accepted of the $84.59 million preferred tenders plus $58,616,000 accepted of the $58,618,000 non-preferred tenders of the $2,913,174,000 outstanding of 4% global notes due 2023 (Cusip: 91086QBC1) for a purchase price of $1,086.46, based on the 2.875% U.S. Treasury due Sept. 30, 2023 plus 25 basis points;

• $60,331,000 accepted of the $60,526,000 preferred tenders and none of the $57,867,000 non-preferred tenders of the $1,824,808,000 outstanding of 3.6% global notes due 2025 (Cusip: 91087BAA8) for a purchase price of $1,094.08, based on the 0.75% U.S. Treasury due March 31, 2026 plus 20 bps;

• All $31,169,000 accepted of the preferred tenders and none of the $10,924,000 non-preferred tenders of the $942,864,000 outstanding of 3.9% global notes due 2025 (Cusip: 91087BAJ9) for a purchase price of $1,103.39, based on the 0.75% U.S. Treasury due March 31, 2026 plus 35 bps;

• All $3,021,000 accepted of the preferred tenders and none of the $51 million non-preferred tenders of the $2,097,689,000 outstanding of 4 1/8% global notes due 2026 (Cusip: 91086QBG2) for a purchase price of $1,119.14, based on the 0.75% U.S. Treasury due March 31, 2026 plus 66 bps;

• All $12,582,000 accepted of the preferred tenders (with no non-preferred notes tendered) of the $2,501,740,000 outstanding of 4.15% global notes due 2027 (Cusip: 91087BAC4) for a purchase price of $1,119.09, based on the 0.75% U.S. Treasury due March 31, 2026 plus 115 bps;

• All $55,626,000 accepted of the preferred tenders and none of the $11,588,000 non-preferred tenders of the $3,455,664,000 outstanding of 4½% global notes due 2029 (Cusip: 91087BAF7) for a purchase price of $1,120.199, based on the 1.125% U.S. Treasury due Feb. 15, 2031 plus 116 bps;

• All $67,003,000 of the preferred tenders and none of the $63.4 million non-preferred tenders of the $2.5 billion outstanding of 4¾% global notes due 2032 (Cusip: 91087BAK6) for a purchase price of $1,126.20, based on the 1.125% U.S. Treasury due Feb. 15, 2031 plus 169 bps;

• All $101,068,000 of the preferred tenders and none of the $157,902,000 non-preferred tenders of the $1,806,712,000 outstanding of 6¾% global notes due 2034 (Cusip: 91086QAS7) for a purchase price of $1,307.70, based on the 1.125% U.S. Treasury due Feb. 15, 2031 plus 215 bps; and

• $226,586,000 of the $226,851,000 preferred tenders and none of the $7.45 million non-preferred tenders of the $3,069,439,000 outstanding of 6.05% global notes due 2040 (Cusip: 91086QAV0) for a purchase price of $1,221.46, based on the 1.875% U.S. Treasury due Feb. 15, 2041 plus 208 bps.

The purchase prices are based on $1,000 principal amount of notes and were calculated using prices for the reference securities as of 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.

Tenders are subject to proration.

Details

Noteholders who expressed interest in a concurrent offering of new notes due 2041 were given priority in the tender offer.

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

The tender period expired at noon ET on April 6 for non-preferred tenders and at 2 p.m. ET that same day for preferred tenders.

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).

BofA Securities, Inc. is handling billing and delivery.

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