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The Firm represented BBVA Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman, Sachs & Co., as initial purchasers, in connection with an offering of US$700 million of 6.125% Notes due 2045 by Comisión Federal de Electricidad (Federal Electricity Commission) of Mexico, which is known as CFE. The offering was conducted in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933.   

The Firm also represented Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc., as placement facilitation agents, in connection with the placement of Ps.1.8 billion of 7.35% Certificados Bursátiles due 2025 (International Cebures) issued by CFE. The International Cebures are denominated and payable only in Mexican pesos and formed a portion of a larger offering by CFE of Cebures and other debt securities to the public in Mexico, which was registered with the Comisión Nacional Bancaria y de Valores (the Mexican SEC). The International Cebures are listed on the Mexican Stock Exchange and settled through the Mexican clearing agency known as Indeval, but were delivered to international investors through accounts of Euroclear and Clearstream in Indeval. This placement represented only the second placement of debt securities through such accounts.

CFE is the national electricity company of Mexico and is 100% owned by the Mexican government. CFE has the exclusive right to transmit and distribute electricity in Mexico, and it generates most of the electricity consumed in Mexico. As of March 31, 2015, CFE provided electricity to 38.4 million customer accounts, which represented an estimated 98.4% of the Mexican population.

The Simpson Thacher team for the debt offering and the private placement included, among others, Juan Francisco Méndez, Kirsten L. Davis, Andrea Riba and Sebastian Lora (Capital Markets); and Jonathan Cantor and Sophie Staples (Tax). Summer Associate Robert LiCalzi also provided invaluable assistance.