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Sigma Alimentos, S.A. De C.V

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Sigma Alimentos, S.A. De C.V OFFERING MEMORANDUM US$1,000,000,000 SIGMA ALIMENTOS, S.A. DE C.V. 4.125% Senior Notes due 2026 ______________________________ We are offering US$1,000,000,000 aggregate principal amount of our 4.125% Senior Notes due 2026 (the “notes”). We will pay interest on the notes semi-annually in arrears on May 2 and November 2 of each year, beginning on November 2, 2016. The notes will mature on May 2, 2026. We may redeem the notes at our option, in whole or in part, at any time and from time to time, prior to February 2, 2026 (three months prior to the scheduled maturity of the notes), at a redemption price equal to the greater of 100% of the outstanding principal amount of the notes to be redeemed and the applicable “make-whole” amount, plus in each case accrued and unpaid interest to the redemption date. In addition, we may redeem the notes at our option, in whole or in part, at any time and from time to time, beginning on February 2, 2026 (three months prior to the scheduled maturity of the notes), at a redemption price equal to 100% of the outstanding principal amount of the notes to be redeemed, plus accrued and unpaid interest to the redemption date. In the event of certain changes in tax laws applicable to payments under the notes, we may redeem all, but not part, of the notes. Upon the occurrence of a change of control triggering event, we will be required to offer to repurchase the notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any. The notes will be unconditionally guaranteed by certain of our subsidiaries. The notes and the subsidiary guarantees will be our and our subsidiary guarantors’ respective senior unsecured obligations (subject to certain statutory preferences under Mexican law, such as tax and labor obligations), and will rank equally in right of payment to all of our and our subsidiary guarantors’ respective existing and future senior unsecured indebtedness. The notes and the subsidiary guarantees will rank effectively junior in right of payment to any of our and our subsidiary guarantors’ respective existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally junior to debt obligations of our non-guarantor subsidiaries. No public market currently exists for the notes. Application has been made for the listing particulars to be approved by the Irish Stock Exchange and to admit the notes to listing on the Official List of the Irish Stock Exchange and to trading on the Global Exchange Market. This offering memorandum constitutes a Listing Particulars for the purposes of listing on the Official List of the Global Exchange Market. Investing in the notes involves risks. See “Risk Factors” beginning on page 14. Issue Price: 99.797%, plus accrued interest, if any, from May 2, 2016. THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE NATIONAL SECURITIES REGISTRY (REGISTRO NACIONAL DE VALORES, OR “RNV”) MAINTAINED BY THE MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES OR “CNBV”), AND MAY NOT BE OFFERED OR SOLD PUBLICLY IN MEXICO, EXCEPT THAT THE NOTES MAY BE SOLD, ON A PRIVATE PLACEMENT BASIS, TO MEXICAN INSTITUTIONAL AND QUALIFIED INVESTORS PURSUANT TO THE PRIVATE PLACEMENT EXEMPTION SET FORTH IN ARTICLE 8 OF THE MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE VALORES) AND REGULATIONS THEREUNDER. WE WILL NOTIFY THE CNBV OF THE TERMS AND CONDITIONS OF THE OFFERING OF THE NOTES OUTSIDE OF MEXICO TO COMPLY WITH A LEGAL REQUIREMENT AND FOR INFORMATIONAL PURPOSES ONLY. THEREFORE, THE DELIVERY OF SUCH NOTICE TO, AND THE RECEIPT THEREOF BY, THE CNBV IS NOT A REQUIREMENT FOR THE VALIDITY OF THE NOTES AND DOES NOT CONSTITUTE OR IMPLY ANY CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE NOTES, OUR SOLVENCY, LIQUIDITY OR CREDIT QUALITY OR THE ACCURACY OR COMPLETENESS OF THE INFORMATION SET FORTH HEREIN. THIS OFFERING MEMORANDUM IS SOLELY OUR RESPONSIBILITY AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV. The notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act (“Regulation S”)) except in transactions exempt from, or not subject to, the registration requirements of the Securities Act. Accordingly, we are offering the notes to qualified institutional buyers in reliance on Rule 144A under the Securities Act (“Rule 144A”) and outside the United States to non-U.S. persons in reliance on Regulation S. You are hereby notified that sellers of the notes may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. See “Transfer Restrictions” for additional information about eligible offerees and transfer restrictions. We expect that the notes will be delivered in book-entry form through The Depository Trust Company on or about May 2, 2016. BofA Merrill Lynch J.P. Morgan MUFG Rabo Securities The date of this offering memorandum is July 8, 2016. _______________ Note: Except for Oscar Mayer®, Philadelphia®, La vaca que ríe®, Yoplait®, Anchor® and Hershey’s ® brands, the above brands are owned by Sigma. The above brands are registered by us or by our licensor in the appropriate jurisdictions where they are used and/or registered and/or pending registration in other jurisdictions, as appropriate to the needs of our relevant businesses. TABLE OF CONTENTS Page Notice to Investors ....................................................................................................................................................... ii Enforcement of Civil Liabilities ................................................................................................................................. iii Available Information ................................................................................................................................................. iii Forward-Looking Statements ..................................................................................................................................... iii Certain Definitions ..................................................................................................................................................... vi Presentation of Financial and Certain Other Information .......................................................................................... vii Summary...................................................................................................................................................................... 1 The Offering ................................................................................................................................................................ 7 Summary Historical Financial Data and Other Information ...................................................................................... 11 Risk Factors ............................................................................................................................................................... 14 Exchange Rates ......................................................................................................................................................... 31 Use of Proceeds ......................................................................................................................................................... 32 Capitalization ............................................................................................................................................................. 33 Selected Historical Financial Data and Other Information ........................................................................................ 34 Management’s Discussion and Analysis of Financial Condition and Results of Operations .................................... 40 Business ..................................................................................................................................................................... 62 Management .............................................................................................................................................................. 87 Principal Shareholders ............................................................................................................................................... 90 Related Party Transactions ........................................................................................................................................ 91 Description of the Notes ............................................................................................................................................ 92 Book-Entry, Delivery and Form .............................................................................................................................. 114 Transfer Restrictions ................................................................................................................................................ 118 Taxation ................................................................................................................................................................... 121 Plan of Distribution ................................................................................................................................................. 128 General
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