Bimbo Bakeries USA’s $1.25 Billion Bond Offering

Cleary Gottlieb represented BofA Securities, Citigroup, J.P. Morgan, Mizuho, MUFG, and Rabo Securities, as initial purchasers, in a $1.25 billion bond offering comprised of the reopening of $450 million 6.05% senior notes due 2029 and the new issuance of $800 million 5.375% senior notes due 2036, issued by Bimbo Bakeries USA Inc. (Bimbo Bakeries USA), and guaranteed by its parent, Grupo Bimbo S.A.B. de C.V. (Grupo Bimbo), Bimbo S.A. de C.V., and Barcel S.A. de C.V.

The offering was conducted as a private placement in the United States under Rule 144A and an offshore offering in reliance on Regulation S. The transaction priced on January 4, 2024, and is expected to close on January 9, 2024.

This is Bimbo Bakeries USA’s first reopening of its 6.05% senior notes due 2029, resulting in a total aggregate principal amount outstanding of $900 million in this series.

Bimbo Bakeries USA is a wholly owned subsidiary of Grupo Bimbo, a global consumer food company, the leader in the baking industry, and a key player in the snacks industry. Grupo Bimbo has a portfolio of more than 9,000 products spanning different categories and sold under their renowned brands. Founded in 1945, Grupo Bimbo has expanded significantly through a combination of steady organic growth and strategic acquisitions. As a result, it has become one of the largest baking companies in the world in terms of sales.