Mexico announces results of one-day switch tender offer for 12 notes

Chicago, Aug. 9 – Mexico gave the results and pricing information for its tender offer from 12 series of notes that was conducted as a one-day switch offer that expired at 2 p.m. ET on Aug. 8.

Mexico announced that the aggregate maximum purchase amount is $486,861,000 in a press release on Tuesday morning, allowing the government to accept nearly all of the tendered notes, with appropriate adjustments so that purchases are made in the minimum denominations from the offer to purchase.

Accepted

The following amounts were accepted from the tendered notes, listed with the consideration per $1,000 principal amount:

• All $9,444,000 tendered of the $1,705,644,000 outstanding 6¾% global notes due 2034 (Cusip: 91086QAS7) with pricing based on the 2 7/8% U.S. Treasury due 2032 and a fixed spread of 235 basis points for a consideration of $1,147.21;

• All $24,858,000 tendered of the $2,842,853,000 outstanding 6.05% global notes due 2040 (Cusip: 91086QAV0) with pricing based on the 3¼% U.S. Treasury due 2042 and a fixed spread of 249 bps for a consideration of $1,038.70;

• All $149,325,000 tendered of the $3,256,899,000 outstanding 4.28% global notes due 2041 (Cusip: 91087BAQ3) with pricing based on either the Feb. 14, 2041 par call date or the maturity date if the repurchase yield was respectively either less than or more than the contracted annual rate of interest using the 3¼% U.S. Treasury due 2042 and a 243 bps fixed spread for a consideration of $843.10;

• All $10,544,000 tendered of the $3,725,936,000 outstanding 4¾% global notes 2044 (Cusip: 91086QBB3) with pricing based on the 3¼% U.S. Treasury due 2042 and a fixed spread of 246 bps for a consideration of $886.76;

• No notes were tendered from the $2,764,306,000 outstanding 5.55% global notes due 2045 (Cusip: 91086QBE7). Pricing was based on the 3¼% U.S. Treasury due 2042 and a fixed spread of 253 bps for a consideration of $976.65;

• All $4,182,000 tendered of the $2,349,130,000 outstanding 4.6% global notes due 2046 (Cusip: 91086QBF4) with pricing based on the 2¼% U.S. Treasury due 2052 and a fixed spread of 268 bps for a consideration of $860.41;

• $10,147,000 accepted of the $10,269,000 tendered of the $1,469,746,000 outstanding 4.35% global notes 2047 (Cusip: 91087BAB6) with pricing based on the 2¼% U.S. Treasury due 2052 and a fixed spread of 269 bps for a consideration of $823.73;

• All $10,116,000 tendered of the $2,010,789,000 outstanding 4.6% global notes due 2048 (Cusip: 91087BAD2) with pricing based on the 2¼% U.S. Treasury due 2052 and a fixed spread of 271 bps for a consideration of $851.30;

• All $27,611,000 tendered of the $2,284,249,000 outstanding 4½% global notes 2050 (Cusip: 91087BAG5) with pricing based on either the July 31, 2049 par call date or the maturity date if the repurchase yield was respectively either less than or more than the contracted annual rate of interest using the 2¼% U.S. Treasury due 2052 and a 276 bps fixed spread for a consideration of $826.63;

• All $18,959,000 tendered of the $2.5 billion outstanding 5% global notes due 2051 (Cusip: 91087BAL4) with pricing based on either the Oct. 27, 2050 par call date or the maturity date if the repurchase yield was respectively either less than or more than the contracted annual rate of interest using the 2¼% U.S. Treasury due 2052 and a 274 bps fixed spread for a consideration of $895.76;

• All $45,608,000 tendered of the $2,931,198,000 outstanding 4.4% global notes due 2052 (Cusip: 91087BAS9) with pricing based on either the Aug. 12, 2051 par call date or the maturity date if the repurchase yield was respectively either less than or more than the contracted annual rate of interest using the 2¼% U.S. Treasury due 2052 and a 272 bps fixed spread for a consideration of $812.35; and

• All $176,067,000 tendered of the $3,208,201,000 outstanding 3.771% global notes due 2061 (Cusip: 91087BAN0) with pricing based on either the Nov. 24, 2060 par call date or the maturity date if the repurchase yield was respectively either less than or more than the contracted annual rate of interest using the 2¼% U.S. Treasury due 2052 and a fixed spread of 253 bps for a consideration of $719.60;

In all instances, noteholders will receive accrued interest up to the settlement date.

2025 notes

After the switch tender offer, Mexico plans to redeem part or all of its 3.6% global notes due 2025.

Details

Pricing for the tender offer was determined at 4 p.m. ET on Aug. 8.

Settlement of the tender offer is planned for Aug. 15. Settlement of the new notes offer is expected for Aug. 19.

Goldman Sachs & Co. LLC is the billing and delivering bank for the switch tender offer.

The dealer managers are BBVA Securities Inc. (212 728-2446), Goldman Sachs & Co. LLC (212 357-1452), J.P. Morgan Securities LLC (212 834-7279) and Natixis Securities Americas LLC (212 698-3108).

The information agent is D.F. King & Co., Inc. (877 674-6723, 212 269-5550, www.dfk-ing.com/ums, ums@dfking.com).

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