The Firm represented Deutsche Bank Securities, HSBC, Morgan Stanley, BBVA, Citigroup and Credit Suisse in connection with a public offering of Ps. 15 billion aggregate principal amount of 6.45% Senior Notes due 2022 by América Móvil.
The transaction is the first debt offering to be dual-registered with the U.S. Securities and Exchange Commission and the Comisión Nacional Bancaria y de Valores (Mexican National Banking and Securities Commission, or CNBV). The Notes are also dual-listed on the Bolsa Mexicana de Valores S.A.B. de C.V. (Mexican Stock Exchange) and the Euro MTF Market of the Luxembourg Stock Exchange. The CNBV authorized América Móvil to be the first Mexican issuer to use a shelf registration procedure comparable to that regularly employed by issuers under the U.S. Securities Act of 1933.
According to news reports, the offering was “the largest corporate cross-border local currency. . . debt [offering] ever out of Latin America” and was “large and liquid enough to appeal to both foreign and domestic [Mexican] accounts”.
América Móvil, which is organized in Mexico, provides telecommunications services in 18 countries. It is the largest provider of wireless communications services in Latin America, based upon the number of subscribers in 18 countries at September 30, 2012. Mexico, Brazil and Colombia are América Móvil’s single largest markets for wireless communications. América Móvil also has major fixed-line operations in Mexico, Brazil and 12 other countries.
The Simpson Thacher team for the transaction included, among others, Glenn M. Reiter, Brian E. Rosenzweig, Kirsten L. Davis and Felipe Mariño (Capital Markets), Jonathan Cantor and Danny Salinas (Tax), and Jennie Getsin (FINRA and Blue Sky).
