Teléfonos de México in $1.75 Billion Debt Offering

Cleary Gottlieb advised long-time client Teléfonos de México in a $1.75 billion Reg. S./Rule 144A debt offering and subsequent reopening. The notes were issued in two tranches, $950 million of 4.75% Senior Notes due 2010 and $800 million 5.50% Senior Notes due 2015.

The five-year notes initially were priced to yield 110 basis points above Treasuries with comparable maturities, and the 10-year notes initially were priced to yield 145 basis points above Treasuries with comparable maturities.