The United Mexican States Announces Pricing of its New Notes and Purchase Prices for its Tender Offer
Filed pursuant to Rule 433 Registration Statement No. 333-282373 June 23, 2025
MEXICO CITY, June 23, 2025 (GLOBE NEWSWIRE) --
New Notes Offering
The United Mexican States ("Mexico") announced today that it priced a global offering (the "New Notes Offering") of U.S.$3,949,715,000 aggregate principal amount of its 5.850% Global Notes due 2032 (the "2032 New Notes") and U.S.$2,850,768,000 aggregate principal amount of its 6.625% Global Notes due 2038 (the "2038 New Notes" and, together with the 2032 New Notes, the "New Notes").
The aggregate principal amount of New Notes includes approximately U.S.$1,449,715,000 of 2032 New Notes and U.S.$850,768,000 of 2038 New Notes intended to fund the purchase of preferred tenders and non-preferred tenders, if accepted, in the concurrent tender offer described below, and the amount of New Notes issued may be adjusted based on final acceptances in the tender offer. The closing of the New Notes Offering is expected to occur on Wednesday, July 2, 2025.
Barclays Capital Inc., BBVA Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC served as Joint Lead Underwriters for the New Notes Offering.
The New Notes Offering was made only by means of a preliminary prospectus supplement and an accompanying base prospectus. Copies of the preliminary prospectus supplement, the final prospectus supplement (when filed) and the related base prospectus for the New Notes Offering may be obtained from: Barclays Capital Inc., by calling +1 (212) 528-7581, BBVA Securities Inc., by calling +1 (212) 728-2446, Goldman Sachs & Co. LLC, by calling +1 (212) 357-1452, Mizuho Securities USA LLC, by calling +1 (212) 205-7741 or Morgan Stanley & Co., by calling +1 (212) 761-1057.
Application will be made for the New Notes to be admitted to listing on the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.
Tender Offer
Mexico's previously announced tender offer (the "Tender Offer") to purchase its outstanding notes of the series set forth in the tables below (collectively, the "Old Notes" and each, a "series" of Old Notes) on the terms and subject to the conditions contained in the Offer to Purchase, dated Monday, June 23, 2025 (the "Offer to Purchase"), expired as scheduled for Non-Preferred Tenders at 12:00 noon, New York City time, today and for Preferred Tenders, at 2:00 p.m., New York City time, today. All capitalized terms used but not defined under the heading "Tender Offer" in this communication have the respective meanings specified in the Offer to Purchase.
The purchase prices to be paid for each series of the Old Notes validly tendered and accepted pursuant to the Tender Offer were calculated in accordance with the procedures set forth in the Offer to Purchase and Mexico's press release issued today, based on (i) the U.S. Treasury Rate for such series, which is a yield to maturity (or par call date) based on the bid-side price of the Reference U.S. Treasury Security identified for such series in the tables below and (ii) the fixed spread for such series set forth in the tables below.
Table 1: Tranche A Old Notes
Old Notes
Outstanding Principal Amount as of Friday, June 20, 2025
ISIN
CUSIP
Reference U.S. Treasury Security
U.S. Treasury Rate
Fixed Spread (basis points)
Purchase Price(1)
4.150% Global Notes due 2027
U.S.$2,374,850,000.00
US91087BAC46
91087B AC4
3.875% due 5/31/2027
3.863%
+47
U.S.$996.88
3.750% Global Notes due 2028
U.S.$1,878,402,000.00
US91087BAE02
91087B AE0
3.875% due 6/15/2028
3.810%
+59
U.S.$984.50
5.400% Global Notes due 2028
U.S.$1,250,000,000.00
US91087BAU44
91087B AU4
3.875% due 6/15/2028
3.810%
+61
U.S.$1,023.28
4.500% Global Notes due 2029
U.S.$3,085,643,000.00
US91087BAF76
91087B AF7
4.000% due 5/31/2030
3.910%
+93
U.S.$988.20
5.000% Global Notes due 2029
U.S.$1,000,000,000.00
US91087BAY65
91087B AY6
4.000% due 5/31/2030
3.910%
+91
U.S.$1,006.13
(1)
Per $1,000 principal amount of Tranche A Old Notes validly tendered and accepted for purchase. Holders will also receive Accrued Interest on Old Notes validly tendered and accepted for purchase.
Table 2: Tranche B Old Notes
Old Notes
