Simpson Thacher Advises on Offering of Formosa Bonds by Comisión Federal de Electricidad
08.02.17
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The Firm represented HSBC Bank (Taiwan) Limited and E.SUN Commercial Bank, Ltd., as managers, in connection with an offering of US$750 million of 5.15% Notes due 2047 by Comisión Federal de Electricidad (Federal Electricity Commission) of Mexico, which is known as CFE. The Notes are listed on the Taipei Exchange in the Republic of China (Taiwan). The Firm also represented Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. International, as structuring agents for the offering. The offering was conducted in reliance upon Regulation S under the U.S. Securities Act of 1933, as amended.
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 December 31, 2016, CFE provided electricity to 40.8 million customer accounts, which represented an estimated 98.6% of the Mexican population.
The Simpson Thacher team included, among others, Juan Francisco Méndez, Kirsten L. Davis and Luis Pellerano (Capital Markets); and Jonathan Cantor and Sophie Staples (Tax). Summer Associate Ernesto Sanz also provided invaluable assistance.