Cox Asset México closes $800 million hybrid capital issuance

Cox Asset México, a subsidiary of Cox Infrastructure Group, has successfully closed an $800 million (approximately €688 million) hybrid capital issuance in the United States market. The offering was directed at international institutional investors using the 144A/Reg S format.

The proceeds are primarily intended to amortize a $733 million term loan used to refinance the acquisition of Iberdrola México, which was completed in the second quarter of the year. This transaction marks the first time a non-financial Spanish company has conducted a dollar-denominated hybrid capital placement.

The issuance saw significant demand, with orders exceeding $2.5 billion, representing an oversubscription of more than three times. Participation included approximately 125 institutional investors from the United States, United Kingdom, Europe, and Asia. The perpetual and subordinated hybrid capital carries an initial annual coupon of 8.75%, with an issuer call option starting September 17, 2031. Citi, Goldman Sachs, and Scotiabank served as global coordinators and joint bookrunners, with Barclays and Deutsche Bank acting as joint bookrunners.