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Mexico tenders for four note series; tender cap is 75% of new issue
By Susanna Moon
Chicago, Sept. 23 - The United Mexican States announced a tender offer for four series of notes began at 8 a.m. ET on Sept. 23 and will end at 4 p.m. ET the same day.
Mexico is tendering for up to 75% of the principal amount of new dollar-denominated notes to be issued Monday, and the offer is conditioned on issuance of the new notes, according to a government press release.
Pricing for the offer will be set at 5 p.m. ET on Sept. 23 using a yield to maturity based on a U.S. Treasury rate plus a fixed spreads, as follows:
• $1,286,000,000 6 5/8% global notes due 2015 based on 0.375% U.S. Treasury note due Aug. 31, 2015 plus 20 basis points;
• $3,209,000,000 5 5/8% global notes due 2017 based on 0.875% U.S. Treasury note due Sept. 5, 2016 plus 90 bps;
• $2,822,000,000 5.95% global notes due 2019 based on 1.5% U.S. Treasury note due Aug. 31, 2018 plus 110 bps; and
• $2,806,000,000 5 1/8% global notes due 2020 based on 2.125% U.S. Treasury note due Aug. 31, 2020 plus 72 bps.
The hypothetical purchase price per $1,000 principal amount would be $1,086.24 for the 6 5/8% notes, $1,129.15 for the 5 5/8% notes, $1,171.79 for the 5 5/8% notes and $1,132.37 for the 5 5/8% notes.
Holders also will receive accrued interest up to but excluding the settlement date of Oct. 1.
Tender orders must be of principal amounts of $2,000 or integral multiples of $2,000 after that.
The information agent is Bondholder Communications Group (212 809-2663, attn.: Monique Santos or email msantos@bondcom.com).
The dealer managers are BofA Merrill Lynch (attn.: debt advisory services, 646 855-3401 or 888 292-0070), Goldman, Sachs & Co. (attn.: liability management group, 212 902-5183 or 800 828-3182) and Morgan Stanley & Co LLC (attn.: liability management group, 212 761-0858 or 800 624-1808).
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