America Movil plans foreign debt offering of $1.7 bn

Mexican telecommunications giant America Movil, controlled by the family of Carlos Slim, announced the launch of a foreign debt public offering of up to 20 billion pesos ($1.17 billion).
America Movil KPN dealThe issuance will take place on July 6, part of a five-year overall 130 billion peso debt program, according to the company.

Fitch Ratings assigned an international scale rating of A- and a national scale rating of AAA(mex) to America Movil’s senior unsecured notes due 2031, the agency said in a separate statement.

Fitch expects proceeds from the offering will be used to refinance short-term debt as well as other corporate purposes, including environmental and social projects.

America Movil in April said its net debt excluding leases totaled 365.1 billion pesos at the end of March, 2023 having come down by 16.4 billion pesos from the end-of-December figure. It was equivalent to 1.39 times LTM EBITDAaL, America Movil said.