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Published on 1/11/2018 in the Prospect News Emerging Markets Daily.

New Issue: Mexico’s Nemak prices $500 million 4¾% seven-year notes at par

By Rebecca Melvin

New York, Jan. 11 – Nemak SAB de CV priced $500 million seven-year notes (expected ratings: Ba1/BB+/BB+) on Thursday at par to yield 4¾%, according to a market source.

Pricing came at the tight end of guidance, which was for a yield in the 4 7/8% area, plus or minus 12.5 basis points.

JPMorgan, BNP Paribas and Morgan Stanley were the bookrunners for the Rule 144A and Regulation S deal.

The notes are non-callable for three years.

Proceeds are earmarked to refinance the company’s existing $500 million 5½% notes due 2023.

Nemak is a global automotive parts manufacturing company based in Garcia, Greater Monterrey, Mexico.

Issuer:Nemak SAB de CV
Amount:$500 million
Maturity:Jan. 23, 2025
Description:Senior notes
Bookrunners:JPMorgan, BNP Paribas, Morgan Stanley
Coupon:4¾%
Price:Par
Yield:4¾%
Call options:Non-callable for three years
Trade date:Jan. 11
Settlement date:Jan. 23
Ratings:Moody’s: Ba1
S&P: BB+
Fitch: BB+
Distribution:Rule 144A and Regulation S
Price talk:Guided to 4 7/8% area, plus or minus 12.5 bps

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