America Movil selling EUR2.2bn KPN exchangeable bonds

24 Feb 2021

Mexican telecoms heavyweight America Movil (AM) yesterday launched a EUR2.2 billion (USD2.7 billion) bond exchangeable for shares in KPN, the Dutch telco in which AM holds a 20% stake. The three-year senior unsecured bonds – exchangeable into 672.4 million ordinary shares of KPN, equivalent to a 16% stake – are interest-free (zero-coupon) and will be issued at a price ranging between 105.75% and 107.75% of their principal amount. The exchange premium is expected to be 15%-20% above the reference price of KPN ordinary shares (their volume-weighted average price on Euronext Amsterdam on 23 February 2021). The Exchangeable Bond Offering is expected to close on 2 March 2021.

Netherlands, America Movil (AM), KPN