By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., April 21 – Mexico priced $2,941,388,000 global notes due May 2053, according to a press release and details from an FWP filing with the Securities and Exchange Commission.
The 6.338% notes due May 4, 2053 priced at 99.998 to yield 6.338%, or at Treasuries plus 260 basis points.
A source noted that price talk was in the Treasuries plus 300 bps area.
The SEC registered notes feature a make-whole call option at Treasuries plus 40 bps until Nov. 4, 2052, six months prior to the maturity date, at which point they are callable at par.
Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC and Morgan Stanley & Co. LLC are the joint lead underwriters for the new notes offering.
Proceeds will be used in part to retire outstanding debt under the related one-day tender offer and in part for general government purposes. The total principal amount of notes includes approximately $1,591,388,000 intended to fund the purchase of outstanding existing notes that were tendered in a concurrent tender offer, and the amount may be adjusted based on final acceptances in the tender offer.
The issuer will apply to have the new notes listed on the Luxembourg Stock Exchange.
| Issuer: | Mexico
|
| Amount: | $2,941,388,000
|
| Issue: | Notes
|
| Maturity: | May 4, 2053
|
| Bookrunners: | Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC and Morgan Stanley & Co. LLC
|
| Trustee: | Deutsche Bank Trust Co. Americas
|
| Coupon: | 6.338%
|
| Price: | 99.998
|
| Yield: | 6.338%
|
| Spread: | Treasuries plus 260 bps
|
| Call features: | Make-whole call option at Treasuries plus 40 bps until Nov. 4, 2052; after at par
|
| Pricing date: | April 20
|
| Settlement date: | April 28
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 300 bps area
|
| Cusip: | 91087BAX8
|
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