The lowest yield-to-maturity of any Mexican and Latin American corporate bond to date; First international issuance in 15 years for one of Mexico’s biggest consumer products companies
Milbank, Tweed, Hadley & McCloy represented Citigroup Global Markets and BofA Merrill Lynch as initial purchasers in a $250 million bond offering by Kimberly-Clark de México, S.A.B. de C.V. (KCM), the first time in 15 years that the Mexican consumer products company has accessed international capital markets. This is also the lowest yield- to-maturity of any Mexican or Latin American corporate bond to date.
Proceeds of KCM’s offering of 3.800% notes due 2024 will be used for general corporate purposes and to finance capital expenditures. The transaction closed on April 8, 2014.
New York-based Global Securities partner Carlos Albarracín led the Milbank team, which also included associates Sam Badawi, Hernando Becerra and Pablo Echeverri and international associates Mario Sosa and Juan Turner.
Mr. Albarracín said, “This was a significant move for KCM in accessing the international debt market, and we’re pleased to work two high-quality financial institutions in ensuring KCM’s successful offering.”
KCM is traded on Mexico’s stock exchange, the Bolsa Mexicana de Valores.
