Comisión Federal de Electricidad in $1.1 Billion Tender Offer

Cleary Gottlieb represented longtime client Comisión Federal de Electricidad (CFE), the Mexican state-owned electric company, in its inaugural offer to purchase six series of its outstanding debt securities in exchange for cash.

The offer launched on May 19, 2022, and early tenders were settled on June 7, 2022.

The offer by CFE included a maximum total consideration condition, subject to a cap of $1 billion on the total cash amount sufficient to accept for purchase the outstanding notes. The cash cap was met, and on June 3, 2022, CFE elected to exercise its right to waive the maximum total consideration condition and accept for purchase all outstanding notes validly tendered. CFE paid approximately $1.1 billion for all validly tendered notes.

The offer expired on June 16, 2022.

BBVA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., and Mizuho Securities USA LLC acted as dealer managers for the offer.