DLA Piper advises on Grupo Cox’s inaugural US$2 billion bond offering, expanding access to US debt capital markets

DLA Piper represented Mexican issuer Cox Asset Mexico, S.A. de C.V. in connection with Grupo Cox’s inaugural US$2 billion bond offering to the US market.

Structured as a 144A/Reg S transaction, the offering marks a significant milestone in Cox’s access to the US debt capital markets. The deal was upsized from an initially planned US$1.5 billion following approximately US$8.0 billion in investor demand. The transaction was more than five times oversubscribed, enabling Cox to increase the offering size, achieve improved pricing across both tranches, and allocate bonds to more than 200 primarily U.S.-based, long-only institutional investors.

Proceeds from the issuance were used to refinance approximately two-thirds of the US$2.65 billion bridge loan incurred in connection with the acquisition of Iberdrola México.

The DLA Piper team, co-led by attorneys in the United States and Mexico, included Partners Jamie Knox(New York), Robert da Silva Ashley (New York/Miami), Edgar Romo (Mexico City), and Associates Egzon Sulejmani (New York), Javier Pichardini, and Andrés Fernández (both Mexico City).

DLA Piper advises on all aspects of financing across borders, sectors, and financial products. The firm’s lawyers advise issuers, underwriters, selling shareholders, sponsors, arrangers, lead managers, originators, dealers, trustees, and depositaries on a broad range of capital markets offerings, including equity, equity-linked and debt securities, structured and project financings, and securitizations.