Comisión Federal de Electricidad’s $1 Billion of New Securities

Cleary Gottlieb represented long-time client Comisión Federal de Electricidad (CFE), the Mexican state-owned electric company, in two debt transactions:

• CFE’s $750 million offering of its 5.15 percent notes due 2047 listed in the Taipei Exchange, which closed on July 13, 2017. HSBC Taiwan and E. SUN Bank acted as managers, and Credit Suisse and Morgan Stanley acted as structuring agents. CFE is the first Mexican issuer to access Taiwan’s Formosa bond market. The proceeds from this offering will be used to finance electric infrastructure projects in Mexico.
• CFE’s Ps. 4.8 billion ($275 million) offering of its 8.18 percent Euroclearable Cebures due 2027, which closed on July 6, 2017. BBVA and Santander acted as placement agents. This offering is part of a strategy by the Mexican government to expand Mexico’s corporate debt market by placing peso-denominated debt with international investors. The proceeds will be used for general corporate purposes.