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CFE ANNOUNCES EARLY TENDER RESULTS FOR ITS PREVIOUSLY ANNOUNCED CASH TENDER OFFER

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MEXICO CITY, Sept. 11, 2023 /PRNewswire/ — Comisión Federal de Electricidad (“CFE” or the “Company“), a productive state enterprise of the Federal Government of the United Mexican States (“Mexico“), announced today the early tender results of its previously announced tender offer to purchase for cash its notes of the series set forth in the table below (all such notes, collectively, the “Notes” and each a “series” of Notes), for an aggregate purchase price, excluding accrued and unpaid interest, of up to US$1,000,000,000, upon the terms and subject to the conditions set forth in the offer to purchase dated August 28, 2023 (as it may be amended or supplemented from time to time, the “Offer to Purchase) and subject to (1) the acceptance priority level of each series of Notes, and (2) possible proration, each as described herein and in the Offer to Purchase.

The following table sets forth certain information relating to the Offer, including the principal amount of Notes tendered on or prior to 5:00 p.m. (New York City time) on September 11, 2023 (the “Early Tender Date“):

Title of Security

CUSIPs

ISINs

Principal Amount

Outstanding

Acceptance

Priority Level

Principal Amount

Tendered on or prior to the

Early Tender Date

4.875% Notes due 2024

200447 AD2;

P30179 AM0

US200447AD28;

USP30179AM09

US$869,688,000

1

US$479,703,000

4.750% Notes due 2027

200447 AF7;

P29595 AB4

US200447AF75; USP29595AB42

US$814,968,000

2

US$324,914,000

6.125% Notes due 2045

200447 AE0;

P30179 AR9

US200447AE01;

USP30179AR95

US$618,308,000

3

US$15,971,000

5.750% Notes due 2042

200447 AC4;

P30179 AK4

US200447AC45;

USP30179AK43

US$563,710,000

4

US$53,179,000

On the terms and subject to the conditions set forth in the Offer to Purchase, CFE intends to accept for purchase all Notes validly tendered on or prior to the Early Tender Date promptly after the determination of the tender consideration payable per each US$1,000 principal amount of each series of Notes validly tendered and not validly withdrawn on or prior to the Early Tender Date (the “Early Tender Consideration“).  Promptly after 10:00 a.m. (New York City time) tomorrow, September 12, 2023, CFE expects to issue a press release announcing, among other things, (i) the aggregate principal amount of Notes accepted in the Offer, (ii) the Early Tender Consideration payable for each series of Notes accepted in the Offer, and (iii) the aggregate purchase price, excluding accrued and unpaid interest, expected to be paid for each series of Notes accepted in the Offer.

Withdrawal rights for the Offer expired at 5:00 p.m. (New York City time) on September 11, 2023. The Offer will expire at 5:00 p.m. (New York City Time) on September 26, 2023, unless extended by CFE in its sole discretion.

All conditions described in the Offer to Purchase that were to be satisfied or waived on or prior to the Early Tender Date have been satisfied.

CFE has retained BNP Paribas Securities Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. to act as dealer managers in connection with the Offer (the “Dealer Managers“). Any questions or requests for assistance regarding the Offer may be directed to the Dealer Managers at their contact information set forth below.

BNP Paribas Securities Corp. 787 Seventh Avenue

New York, New York 10019

United States of America

Attn: Liability Management Group

Email: [email protected]

Toll Free: +1 888-210-4358

Collect: +1 212-841-3059



Citigroup Global Markets Inc. 388 Greenwich Street, Trading 4th Floor

New York, New York 10013

United States of America

Attn: Liability Management Group

Email: [email protected]

Toll-Free: +1 800-558-3745

Collect: +1 212-723-6106

Morgan Stanley & Co. LLC

1585 Broadway, 6th Floor

New York, New York 10019

United States of America

Attn: Global Debt Advisory Group

Toll-Free: +1 800-624-1808

Collect: +1 212-761-1057

SMBC Nikko Securities America, Inc 277 Park Avenue

New York, New York 10172

United States of America

Email: [email protected]

Attn: Debt Capital Markets – Liability Management

Toll-Free: +1 888-284-9760

Collect: +1 212-224-5163

Copies of the Offer to Purchase may be obtained from Global Bondholder Services Corporation, the tender agent (the “Tender Agent“) and the information agent (the “Information Agent“) for the Offer, at +1 (855) 654-2015 (toll-free) or +1 (212) 430-3774 (collect).

Disclaimer

This press release must be read in conjunction with the Offer to Purchase. This announcement and the Offer to Purchase contain important information which must be read carefully before any decision is made with respect to the Offer. If any holder of Notes is in any doubt as to the action it should take, it is recommended to seek its own legal, tax, accounting and financial advice, including as to any tax consequences, immediately from its stockbroker, bank manager, attorney, accountant or other independent financial or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the Offer. None of the Company, the Dealer Managers, the Tender Agent and the Information Agent and any person who controls, or is a director, officer, employee or agent of any such person, or any affiliate of any such person, makes any recommendation as to whether holders of Notes should participate in the Offer.

The Offer to Purchase has not been filed with the U.S. Securities and Exchange Commission, nor has it been filed with or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of the Offer to Purchase, and it is unlawful and may be a criminal offense to make any representation to the contrary.

THE INFORMATION CONTAINED HEREIN AND IN THE OFFER TO PURCHASE IS EXCLUSIVELY CFE’S RESPONSIBILITY AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES, OR THE “CNBV”). CFE HAS NOT FILED AND WILL NOT FILE WITH THE CNBV A REQUEST FOR AUTHORIZATION OF THE OFFER. THE OFFER DOES NOT CONSTITUTE A PUBLIC OFFERING (OFERTA PÚBLICA) OF ANY KIND (INCLUDING AN OFERTA PÚBLICA DE ADQUISICIÓN) IN MEXICO AND IT MAY NOT BE PUBLICLY DISTRIBUTED IN MEXICO. THE OFFER MAY ONLY BE MADE AVAILABLE IN MEXICO TO INVESTORS THAT QUALIFY AS INSTITUTIONAL OR ACCREDITED INVESTORS (INVERSIONISTAS INSTITUCIONALES OR INVERSIONISTAS CALIFICADOS), SOLELY PURSUANT TO THE PRIVATE OFFERING EXEMPTION SET FORTH IN NUMERAL I. OF ARTICLE 8 OF THE MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE VALORES). IN MAKING A DECISION AS TO WHETHER TO TENDER ANY OF THEIR NOTES, ALL HOLDERS MUST RELY ON THEIR OWN REVIEW AND EXAMINATION OF THE TERMS OF THE OFFER. CFE WILL NOTIFY THE CNBV OF THE RESULTS OF THE OFFER FOR INFORMATIONAL AND STATISTICAL PURPOSES ONLY, AND THE FILING OR RECEIPT OF SUCH NOTICE BY THE CNBV DOES NOT IMPLY ANY CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE NOTES, CFE’S SOLVENCY, LIQUIDITY OR CREDIT QUALITY OR THE ACCURACY OR COMPLETENESS OF THE INFORMATION SET FORTH HEREIN.

The Offer is being made solely on the terms and conditions set forth in the Offer to Purchase. Under no circumstances shall this press release constitute an offer to buy or the solicitation of an offer to sell the Notes or any other securities of the Company or any of its subsidiaries. The Offer is not being made to, nor will the Company accept tenders of Notes from, holders in any jurisdiction in which the Offer or the acceptance thereof would not be in compliance with the securities or blue sky laws of such jurisdiction.

Forward-Looking Statements

Statements in this press release may be forward-looking statements. Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties. No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions. CFE undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

Media Contact: Carlos Guevara Vega, +52 55 5705 327, [email protected]

Cision

View original content:https://www.prnewswire.com/news-releases/cfe-announces-early-tender-results-for-its-previously-announced-cash-tender-offer-301923992.html

SOURCE Comisión Federal de Electricidad

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