Fomento Económico Mexicano, S.A.B. de C.V. completed a placement of CHF 300 million in senior unsecured bonds on the Swiss market, with the notes listed on the SIX Swiss Exchange.
The five-year notes carry an annual coupon set at 107 basis points over the relevant benchmark rate, pricing at a yield of 1.73%. Proceeds from the offering will be used for general corporate purposes, to improve the company’s cost of debt and to increase financial flexibility.
S&P Global Ratings assigned FEMSA a BBB+ credit rating, while Fitch Ratings gave the issuer an A rating on the tranche.
Headquartered in Monterrey, Mexico, FEMSA operates across the retail and beverage sectors in 18 countries. Its retail footprint includes OXXO convenience stores in Mexico, Latin America, the United States and five European countries, as well as drugstores in four Latin American nations. Through Coca-Cola FEMSA, the company is the world’s largest franchise bottler of Coca-Cola products by volume. FEMSA employs more than 369,000 people.
