WASHINGTON, DC, August 1, 2011 – Mexican telecom giant América Móvil, S.A.B. de C.V. recently signed two revolving credit facilities totaling US$ 4 billion. With over 200 million customers, América Móvil is Latin America’s largest mobile phone operator. The two facilities, one of which was for US$ 2 billion and the other for the euro equivalent of US$ 2 billion, were intended to replace América Móvil’s existing working capital arrangements. The euro facility was jointly arranged by The Bank of Tokyo-Mitsubishi UFJ, Ltd., Citigroup Global Markets Inc., Intesa Sanpaolo S.p.A., J.P. Morgan Securities LLC and SG Americas Securities, L.L.C., with Citibank, N.A. acting as administrative agent. The dollar facility was jointly arranged by The Bank of Tokyo-Mitsubishi UFJ, Ltd., BBVA Securities Inc., Citigroup Global Markets Inc., Intesa Sanpaolo S.p.A. and Mizuho Corporate Bank, Ltd., with The Bank of Tokyo-Mitsubishi UFJ, Ltd. acting as administrative agent.
The international law firm Milbank, Tweed, Hadley & McCloy LLP, led by partner Glenn S. Gerstell, represented the Lead Arrangers in all aspects of the transactions.
Commenting on the deal, Mr. Gerstell noted, “These transactions represent another high-point in our long-standing relationship working across-the-table from América Móvil. It was a superb effort by all of the parties involved to complete financings of this magnitude in such a timely and effective manner. We were thrilled to represent the Lead Arrangers in this transaction, and to help América Móvil fulfill its working capital needs.”
Mr. Gerstell is the managing partner of Milbank’s Washington, DC office and heads the firm’s global communications practice. In addition to Mr. Gerstell, the Milbank team representing Lead Arrangers included senior associate Gavin W. McKeon and associate Frederick S. Cristman.
Milbank acted as New York counsel to the Lead Arrangers and Ritch Mueller, S.C. advised the Lead Arrangers as to Mexican law. Cleary Gottlieb Steen & Hamilton LLP acted as New York counsel to América Móvil and Bufete Robles Miaja advised América Móvil as to Mexican law.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a pre-eminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. Our transactional expertise includes capital markets, corporate finance, project finance, acquisition finance, and other major fields of law practice. Milbank litigation teams resolve disputes involving mergers and acquisitions, proxy battles, financings and securities offerings, intellectual property, white collar crime, and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The firm is headquartered in New York with offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, Singapore, Tokyo, São Paulo and Washington, DC.