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S&P gives America Movil bonds BBB+p
S&P said it gave its BBB+p issue-level rating to America Movil BV’s €2.1 billion bonds due 2024, which are exchangeable into Koninklijke KPN NV’s shares, of which America Movil SAB de CV (AMX) owns equity participation of about 20%. America Movil BV is a 100% owned subsidiary and financing vehicle of AMX, which will guarantee the bonds.
“We add a qualifying subscript p to the rating, denoting that it addresses only the repayment of principal and not any interest payments,” S&P said in a press release.
The zero-coupon bonds will be issued at 104.75% of the principal amount, resulting in an annual yield-to-maturity of (1.53)%, reflecting current market conditions. This bond will also have an exchange price initially set at €3.1185 and non-callable for the first 1.5 years.
The proceeds will be about €2.2 billion, and AMX intends to use the proceeds to repay debt and general corporate purposes.
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