Mexico offers to exchange peso-denominated bonds for existing dollar-denominated bonds

By Reshmi Basu

New York, Nov. 10 - The United Mexican States announced an offering of three series of debt exchange warrants that would allow holders to exchange their dollar-denominated global bonds for a fixed dollar principal amount of peso-denominated Bonos on the expiration date.

Holders can exchange 14 different types of dollar bonds for three series of peso-denominated bonds.

The dollar bonds covered by the exchange include:

* 8¾% UMS bonds due 2007;

* 7½% UMS bonds due 2012,

* 8 1/8% UMS bonds due 2019;

* 8 5/8% UMS bonds due 2008;

* 6 3/8% UMS bonds due 2013,

* 8% UMS bonds due 2022;

* 10 3/8% UMS bonds due 2009;

* 5 7/8% UMS bonds due 2014,

* 11½% UMS bonds due 2026;

* 9 7/8% UMS bonds due 2010;

* 11 3/8% UMS bonds due 2016;

* 8.30% UMS bonds due 2031;

* 8 3/8% UMS bonds due 2011; and

* 7½% UMS bonds due 2033.

The peso-denominated bonds being offered are:

* 9% Mbono due 2011;

* 9½% Mbono due 2014; and

* 10% Mbono due 2025.

JP Morgan and Credit Suisse First Boston are joint lead managers for the Rule 144A/Regulation S transaction.

The exercise dates are Sep 1, 2006, Oct 10, 2006 and Nov 9, 2006.

A tentative roadshow is scheduled for Friday, Nov 11 in Mexico, then Tuesday, Nov 15 in London, followed by a stop on Wednesday, Nov 16 in New York.

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