Chicago, March 8 – Alpek, SAB de CV sold $600 million of 3¼% bonds with a 10-year tenor (Baa3/BBB-/BB+), according to a company notice.
The notes are guaranteed by several of the company’s subsidiaries.
BofA Securities, Citigroup, J.P. Morgan, BBVA, BNP Paribas, HSBC, MUFG and SMBC Nikko worked as bookrunners.
The Rule 144A and Regulation S notes will be used pay for a tender offer that was concurrently run, under which $315.97 million of 4½% senior notes due 2022 were tendered and accepted.
The remaining proceeds will be used for debt repayment and general corporate purposes.
Alpek is a petrochemical company based in San Pedro Garza Garcia, Mexico and is a subsidiary of Alfa.
| Issuer: | Alpek SAB de CV
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| Issue: | Senior notes
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| Amount: | $600 million
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| Maturity: | 2031
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| Bookrunners: | BofA Securities, Citigroup, J.P. Morgan (active), BBVA, BNP Paribas, HSBC, MUFG and SMBC Nikko
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| Counsel to issuer: | Paul Hastings LLP
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| Counsel to underwriters: | Cleary Gottlieb
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| Coupon: | 3¼%
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| Pricing date: | Feb. 18
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| Settlement date: | Feb. 25
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BB+
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| Distribution: | Rule 144A and Regulation S
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