Bancomext Completes Offering of US$500 Million of Tier II Notes
Simpson Thacher recently represented Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and Santander US Capital Markets LLC, as initial purchasers, in the offering and sale by Banco Nacional de Comercio Exterior, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (“Bancomext”) of US$500 million aggregate principal amount of its 6.000% Subordinated Preferred Capital Notes due 2036. The offering was conducted pursuant to Rule 144A and Regulation S.
Bancomext is a for-profit national credit institution and development bank wholly owned by the Mexican government that operates as Mexico’s international commerce development bank by providing financing to entities involved in the country’s foreign trade. Bancomext intends to use the proceeds from the offering for the repayment of its outstanding 2.720% Subordinated Preferred Capital Notes due 2031 and for general corporate purposes.
The Simpson Thacher team included Juan Francisco Mendez, Kirsten L. Davis, María Belén Di Cola and Juan Felipe Saenz Dussan (Capital Markets); and Jonathan Cantor and Sean Largey (Tax).