Mexican incumbent America Movil has priced a Ps3.5bn(US$230m) 7.125% senior note offering due 2024 at 99.48%.
The notes will be fungible with the Ps.7.5bn (US$494m)7.125% senior notes due 2024 issued by the telco on 9 June 2014, the company said in a…
Mexican incumbent America Movil has priced a Ps3.5bn(US$230m) 7.125% senior note offering due 2024 at 99.48%.
The notes will be fungible with the Ps.7.5bn (US$494m)7.125% senior notes due 2024 issued by the telco on 9 June 2014, the company said in a securities filing.
The operator, which did not disclose how the proceeds of the offering will be used, plans to dual list the notes on both the Luxembourg and the Mexican stock exchanges.
BBVA, Citigroup, Credit Suisse, Deutsche Bank, HSBC and Morgan Stanley were joint book-running managers on the note issue, which has been rated A2 by Moody’s, A- by S&P and A by Fitch respectively.
Further to regulatory changes implemented last year under the presidency of Enrique Pena Nieto, the telco was obliged to share network infrastructure and dispose of some assets in a bid to curb its market dominance and encourage competition.
America Movil, which is owned by Mexican billionaire Carlos Slim, controls 70% of the mobile market and 80% of the fixed-line segment, followed by Telefonica’s Movistar, as well as AT&T’s recently-acquired carriers Iusacell and Nextel Mexico, which are set to merge to form a stronger competitor.
