Milbank LLP advised the global coordinators and joint bookrunners in connection with Cox Asset México, S.A. de C.V.'s ("Cox") offering of US$800 million Perpetual Subordinated Hybrid Notes.
Proceeds from the offering were used to repay in full the outstanding amounts under Cox's existing US$733 million secured term loan facility, on which Milbank advised affiliates of the initial purchasers, in their capacities as lenders. Milbank's Corporate Finance and Securities team also advised affiliates of the initial purchasers, in their capacities as lenders, in connection with the repayment of Cox's secured term loan and the amendment of its US$150 million secured revolving credit facility, both of which closed substantially concurrently with the notes offering. Milbank acted as New York counsel to the lenders for those financing arrangements.
Cox is a special purpose vehicle established by Cox ABG Group, S.A. to consummate the US$3.5 billion acquisition of Iberdrola México, S.A. de C.V., a leading Mexican power generation company with a combined installed capacity of 2,601 MW. Through the acquisition of Iberdrola México, Cox consolidates the leading integrated conventional and renewable energy platform in Mexico, including a portfolio of 16 power plants, and the largest private qualified supply business in Mexico with a 25% market share in the qualified supplier segment. In May 2026, Milbank advised the global coordinators and joint bookrunners in connection with Cox's inaugural US$2 billion secured notes offering, the proceeds of which partially financed the acquisition of Iberdrola México. In July 2026, Milbank advised the joint lead arrangers on a US$733 million term loan facility for Cox, the proceeds of which were used to refinance the remaining portion of the acquisition bridge loan.
“This perpetual subordinated hybrid notes offering marks the successful completion of a comprehensive refinancing package for one of the largest and most transformative acquisitions in Mexico's energy sector,” said Corporate Finance and Securities partner Carlos Albarracín. “Having advised on the landmark $2 billion secured notes offering and the $733 million term loan, we are proud to continue our representation of the global coordinators and joint bookrunners on this innovative hybrid structure, which demonstrates the depth of international investor confidence in Cox's platform and in Mexico’s energy sector, as well as the continued strength of the Latin American capital markets.”
The Milbank deal team was led by Mr. Albarracín and included Corporate Finance and Securities special counsel Andres Osornio Ocaranza, associates Fernando Quezada, Pamela Molina and Ronny Vaisman and international attorney Héctor Ávila. The team also included Tax partner Andrew Walker and associate Erika Jensen.
