Duane McLaughlin and Manuel Silva

Cleary counsels FEMSA in new tender offer

Cleary Gottlieb has counselled Fomento Económico Mexicano (FEMSA) in an abbreviated five-day cash tender offer for any and all of its outstanding U.S. dollar 4.375% senior notes due 2043.

The tender offer was launched on 31 October 2023, expired on 6 November 2023 and was settled on 9 November 2023. In line with recent market trends arising from price volatility in the market, the consideration for the offer was calculated on the basis of a fixed spread to a benchmark quoted on 6 November 2023.

This transaction is an integral part of FEMSA Forward, a series of strategic initiatives announced by FEMSA on 15 February 2023 as a result of an in-depth strategic review of its business platform.

Cleary’s team included partners Manuel Silva (pictured right) and Duane McLaughlin (pictured left), associate Maria “Kiki” Manzur, and international lawyer Jose Eduardo Coronado Castro. Counsel Matt Brigham and associates Jeeihn “Adrian” Lee and Michael Olson advised on tax matters. All lawyers are based in New York.

L Giselle Estrada