Cleary counsels on $1bn bond offering by Bimbo Bakeries USA
Cleary Gottlieb has counselled BBVA, BofA Securities, Citigroup, Morgan Stanley and Rabo Securities, as initial purchasers, in a global bond offering of Bimbo Bakeries USA’s USD 450 million 6.050% senior notes due 2029 and its USD 550 million 6.400% senior notes due 2034.
The offering was conducted as a private placement in the United States under Rule 144A and an offshore offering in reliance on Regulation S. The transaction was priced on 30 October.
The bond offering was conducted simultaneously with a cash tender offer for certain outstanding bonds of Grupo Bimbo, which was launched on 30 October, is expected to mature on 3 November and settle on 8 November. Cleary represented Citigroup and Morgan Stanley, as joint dealer managers, in connection with the tender offer.
Bimbo Bakeries USA is a wholly owned subsidiary of Grupo Bimbo, a global consumer foods company, a leader in the bakery industry and a key player in the snack food industry. Grupo Bimbo has a portfolio of more than 9,000 products spanning different categories and marketed under its well-known brands. Founded in 1945, Grupo Bimbo has expanded significantly through a combination of steady organic growth and strategic acquisitions.
Cleary’s team included partners Jorge Juantorena (pictured left) and Manuel Silva (pictured right), associates Olivia Wittels and Rosy Teed, and international lawyer Josefina Griot. Counsel Matthew Brigham and associates Adriana De Bartolo and Joseph Roy provided U.S. tax advice. All lawyers are based in New York except Joseph Roy, who is based in San Francisco.
