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Comision Federal de Electricidad (CFE), the Mexican national electricity company has bought back $877.5mn of its dollar notes. It said that the buyback is expected to see about $20mn in working capital added besides $146.3mn in interest savings. The state-owned company had initially launched a tender offer for the buyback on August 28, offering to buy up to $1bn of its 4.875% 2024s, 4.75% 2027s, 6.125% 2045s, and 5.75% 2042s, in the same order of priority. Below are the details of the concluded buyback:
The offer expired on September 26. CFE said that the buyback allows it “to improve the maturity profile of its debt, decrease the refinancing risk, generate financial savings, and reduce the amount of debt issued in foreign currency”.
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