White & Case advises initial purchasers on Cox’s US$800 million hybrid notes issuance

Global law firm White & Case LLP has advised Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Scotia Capital (USA) Inc., Barclays Capital Inc. and Deutsche Bank Securities Inc., as initial purchasers, on Cox Asset México, S.A. de C.V.'s issuance of US$800 million aggregate principal amount of its 8.750 percent fixed rate reset perpetual subordinated hybrid notes. The landmark transaction represents Cox Infrastructure Group, S.A.'s inaugural offering of perpetual subordinated hybrid notes in the international capital markets.

Cox Asset México is a variable capital stock corporation (sociedad anónima de capital variable) organized under the laws of Mexico. It is controlled directly and indirectly by Cox de México, S.A.B. de C.V. (COXA), which is in turn controlled by Cox Infrastructure Group, a leading energy company based in Spain. Through its subsidiaries, Cox Asset México owns and operates Mexico's fifth-largest power generation platform, with approximately 2.6 GWs of installed generation capacity across 16 power plants and approximately 1.2 GWs of long-term contracted generation capacity. It also operates one of the country's largest qualified electricity supply platforms, with a market share exceeding 25 percent.

The White & Case team was led by partners Eduardo Flores Herrera, Narciso Campos Cuevas, Alejandro Santoyo and Juan Ruenes Rosales, and included counsel Jorge Escalante and associates Daniel Franco, Orlando Garciacano and Luis Garrido (all in Mexico City).

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