Cox Asset México places $800 million in hybrid capital to refinance debt from Iberdrola México acquisition

Type: Financing · Technology: Hybrid · Country: Mexico · Capacity: 2600 MW · Value: $800M · Announced: 2026-09-11

Cox Asset México, a subsidiary of Cox Infrastructure Group, closed an $800 million hybrid capital issuance to international institutional investors under a 144A/Reg S format. The funds are primarily intended to amortize a $733 million term loan used to complete the refinancing of debt from the acquisition of Iberdrola México. This issuance is part of a financial restructuring initiated after Cox closed the $4 billion acquisition of Iberdrola México on April 24, incorporating 2,600 MW of operational capacity and a 12,000 MW project pipeline. The transaction, which received orders exceeding $2.5 billion from approximately 125 institutional investors, will replace the existing term loan with an instrument accounted for as equity, reducing Cox Asset México's net leverage from 4.3x to less than 3x EBITDA. Citi, Goldman Sachs, and Scotiabank acted as global coordinators and joint bookrunners, with Barclays and Deutsche Bank also serving as joint bookrunners.

Analysis

Cox Asset México closed an $800 million hybrid capital issuance to refinance a $733 million term loan tied to its acquisition of Iberdrola México. The issuance attracted orders of more than $2.5 billion from roughly 125 international institutional investors and was coordinated by Citi, Goldman Sachs and Scotiabank, with Barclays and Deutsche Bank as joint bookrunners. The new hybrid instrument will be accounted for as equity, lowering Cox Asset México’s net leverage from 4.3 times to under 3 times EBITDA. The transaction was executed under a 144A/Reg S format and announced on 11 September 2026.

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