Simpson Thacher Represents Initial Purchasers in US$500 Million Debt Offering by Coca-Cola FEMSA
02.11.10
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The Firm represented Banc of America Securities LLC, Goldman, Sachs & Co. and the other initial purchasers in an offering of US$500 million of 4.625% Senior Notes due 2020 for Coca-Cola FEMSA, S.A.B. de C.V., a Mexican company. The Notes were offered and sold in reliance upon Rule 144A and Regulation S and have the benefit of registration rights. According to a press report, the offering represented the lowest-ever pricing for a 10-year U.S. dollar-denominated debt financing for a Latin American issuer.
Coca-Cola FEMSA is the largest bottler of Coca-Cola trademark beverages in both Mexico and Latin America generally and the second largest in the world, based upon sales volume. Coca-Cola FEMSA accounts for approximately 10% of The Coca-Cola Company’s worldwide sales volume and approximately 35% of its sales volume in Latin America. Coca-Cola FEMSA is 53.7% owned by Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) and 31.6% owned by The Coca-Cola Company, with the remaining 14.7% traded on the Mexican Stock Exchange and in the form of ADSs on the New York Stock Exchange.
The Simpson Thacher team included, among others, Glenn M. Reiter, Kirsten L. Davis and Jose C. Grajales (Capital Markets), and Jonathan Cantor and Andrew Purcell (Tax).