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United Mexican States
Offer to Purchase for Cash Notes of the Series Listed Below
Table 1: Tranche A Old Notes
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Old Notes
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Outstanding Principal Amount as of Friday, June 20, 2025
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ISIN
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CUSIP
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Reference U.S. Treasury Security(1)
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Fixed Spread (basis points)
|
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4.150% Global Notes due 2027
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U.S.$2,374,850,000.00
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US91087BAC46
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91087B AC4
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3.875% due 5/31/2027
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+47
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3.750% Global Notes due 2028
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U.S.$1,878,402,000.00
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US91087BAE02
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91087B AE0
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3.875% due 6/15/2028
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+59
|
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5.400% Global Notes due 2028*
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U.S.$1,250,000,000.00
|
US91087BAU44
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91087B AU4
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3.875% due 6/15/2028
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+61
|
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4.500% Global Notes due 2029
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U.S.$3,085,643,000.00
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US91087BAF76
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91087B AF7
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4.000% due 5/31/2030
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+93
|
|
5.000% Global Notes due 2029*
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U.S.$1,000,000,000.00
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US91087BAY65
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91087B AY6
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4.000% due 5/31/2030
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+91
|
(1) The Dealer Managers will calculate the applicable U.S. Treasury Rate using the bid-side price of the Reference U.S. Treasury Security on Bloomberg Page FIT1.
* For the 5.400% Global Notes due 2028 and 5.000% Global Notes due 2029, if the repurchase yield as determined in
accordance with this Offer to Purchase is less than the contractual annual rate of interest for such series, then the
Purchase Price for such series will be calculated based on the par call date for such series, and if such repurchase yield
is higher than or equal to the contractual annual rate of interest for such series, then the Purchase Price for such series
will be calculated based on the applicable maturity date for such series. The par call date for the 5.400% Global Notes
due 2028 is January 9, 2028. The par call date for the 5.000% Global Notes due 2029 is April 7, 2029.
Table 2: Tranche B Old Notes
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Old Notes
|
Outstanding Principal Amount as of Friday, June 20, 2025
|
ISIN
|
CUSIP
|
Reference U.S. Treasury Security(1)
|
Fixed Spread (basis points)
|
|
3.250% Global Notes due 2030*
|
U.S.$2,259,237,000.00
|
US91087BAH33
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91087B AH3
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4.000% due 5/31/2030
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+114
|
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6.000% Global Notes due 2030*
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U.S.$2,000,000,000.00
|
US91087BBB53
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91087B BB5
|
4.000% due 5/31/2030
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+116
|
|
2.659% Global Notes due 2031*
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U.S.$3,396,062,000.00
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US91087BAM28
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91087B AM2
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4.000% due 5/31/2030
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+142
|
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8.300% Global Notes due 2031
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U.S.$1,156,895,000.00
|
US91086QAG38
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91086Q AG3
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4.000% due 5/31/2030
|
+100
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(1) The Dealer Managers will calculate the applicable U.S. Treasury Rate using the bid-side price of the Reference U.S. Treasury Security on Bloomberg Page FIT1.
* For the 3.250% Global Notes due 2030, 6.000% Global Notes due 2030 and 2.659% Global Notes due 2031, if the repurchase
yield as determined in accordance with this Offer to Purchase is less than the contractual annual rate of interest for such
series, then the Purchase Price for such series will be calculated based on the par call date for such series, and if such
repurchase yield is higher than or equal to the contractual annual rate of interest for such series, then the Purchase
Price for such series will be calculated based on the applicable maturity date for such series. The par call date for
the 3.250% Global Notes due 2030 is January 16, 2030. The par call date for the 6.000% Global Notes due 2030 is April 13, 2030.
The par call date for the 2.659% Global Notes due 2031 is February 24, 2031.
THE OFFER WILL COMMENCE AT OPEN OF MARKET ON MONDAY, JUNE 23, 2025. UNLESS EXTENDED OR EARLIER TERMINATED, THIS OFFER EXPIRES
AT (I) 12:00 NOON, NEW YORK TIME, THAT SAME DAY FOR NON-PREFERRED TENDERS, AND (II) 2:00 P.M., NEW YORK TIME, THAT SAME DAY
FOR PREFERRED TENDERS. SEE “THE OFFER – TENDER OFFER PROCEDURES.”
To view copies of the Offer to Purchase documents please click on the
documents below
Offer to Purchase
Launch Press Release
THE OFFEROR
United Mexican States
Secretaría de Hacienda y Crédito Público
Insurgentes Sur 1971
Torre III, Piso 7
Colonia Guadalupe Inn
Ciudad de México, México, 01020
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DEALER MANAGERS
Barclays Capital Inc.
745 Seventh Ave
New York, NY 10019
Tel: +1 (212) 528-7581
Toll Free: +1 (800) 438-3242
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BBVA Securities Inc.
Two Manhattan West
375 Ninth Avenue, 9th floor
New York, NY 10001
Attn: Liability Management
Tel: +1 (212) 728-2446
Toll Free: +1 (800) 422-8692
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Goldman Sachs & Co. LLC
200 West Street
New York, NY 10282
Attn: Liability Management Group
Tel: +1 (212) 357-1452
Toll Free: +1 (800) 828-3182
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Mizuho Securities USA LLC
1271 Avenue of the Americas
New York, NY 10020
Toll Free: + 1 (866) 271-7403
Collect: +1 (212) 205-7736
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Morgan Stanley & Co. LLC
1585 Broadway
New York, NY 10036
Debt Advisory Group
Toll Free: +1 (800) 624-1808
Collect: +1 (212) 761-1057
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INFORMATION AGENT
D. F. King & Co., Inc.
28 Liberty, Floor 53
New York, NY 10005
E-mail: ums@dfking.com
Call collect: +1-212-269-5550
Call toll-free: +1-800-791-3320
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FISCAL AGENT AND PAYING AGENT
Citibank, N.A.
Global Agency & Trust Services
480 Washington Boulevard 30th Floor
Jersey City, NJ 07310
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TRUSTEE
Deutsche Bank Trust Company Americas
1 Columbus Circle, Floor 4S
New York, NY 10019
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LEGAL ADVISORS
To Mexico as to U.S. law:
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, New York 10006
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To Mexico as to Mexican law:
Deputy Federal Fiscal Attorney for Financial Affairs
Ministry of Finance and Public Credit
Insurgentes Sur 795
Piso 12
Colonia Nápoles
03810 Ciudad de México, México
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To the Dealer Managers as to U.S. law:
Sullivan & Cromwell LLP
125 Broad Street
New York, New York 10004
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To the Dealer Managers as to Mexican law:
Ritch, Mueller y Nicolau, S.C.
Av. Pedregal No. 24, Piso 10
Col. Molino del Rey,
11040
Ciudad de México, México
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