Ax Xtel, S S.A.B. D De C.V

U.S.$500,000,000 AXTEL, S.A.B. DE C.V. 6.375% Senior Notes due 2024 We are offering U.S.$500,000,000 aggregate principal amount of our 6.375% Senior Notes due 2024 (the “notes”). We will pay interest on the notes semi-annually in arrears on May 14 and November 14 of each year, beginning on May 14, 2018. The notes will mature on November 14, 2024. We may redeem the notes, in whole or in part, at any time on or after November 14, 2020, at the applicable redemption prices set forth in this offering memorandum, plus accrued and unpaid interest and additional ammounts thereon. Prior to November 14, 2020, we may also redeem the notes, in whole or in part, at a redemption price based on a “make-whhole” premium plus accrued and unpaid interest and additional amounts thereon. In addition, at any time on or prior to November 14, 2020, we may redeem up to 35% of the notes at a redemption price equal to 106.375% of their principal amount, plus accrued and unpaid interest and additional amounts thereon, using the prroceeds of certain equity offerings. In addition, in the event of certain changes in the Mexican withholding tax treatment relating to paayments of interest on the notes, we may redeem the notes, in whole but not in part, at 100% of their principal amount, plus accrued and unpaid interest and additional amounts thereon. There is no sinking fund for the notes. If a change in control occurs with respect to us, unless we have exercised our option to redeem the notes, each holder of the notess will have the right to require us to repurchase all or any part of that holder’s notes at 101% of the aggregate principal amount of notes reppurchased plus accrued and unpaid interest and additional amounts thereon. The notes will be unconditionally guaranteed by certain of our subsidiaries. The notes and thhe subsidiary guarantees will be our and our subsidiary guarantors’ respective senior unsecured obligations (subject to certain statutory preferences under Mexican law, such as tax, social security, 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 wiill rank effectively junior in right of payment to any of our and our subsidiary guarantors’ respective existing and future secured indebtednesss to the extent of the value of the assets securing such indebtedness and will be structurally junior to all liabilities and guarantees of our non-guarantor subsidiaries. No public market currently exists for the notes. The Irish Stock Exchange Plc has approved this offering memorandum as listing paarticulars (“Listing Particulars”). Application has been made to the Irish Stock Exchange Plc for the Notes to be admitted to the Official List and to trading on the Global Exchange Market of the Irish Stock Exchange. Investing in the notes involves risks. See “Risk Faactors” beginning on page 16. Issue Price: 100.000% plus accrued interest, if any, from November 14, 2017. 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 INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO 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. THE DELIVERY OF SUCH NOTICE TO, AND THE RECEIPT THEREOF BY, THE CNBV DOES NOT CONSTITUTE OR IMPLY ANY CERTIFICATION AS TO THE INVVESTMENT 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. Secuurities 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 provisionns of Section 5 of the Securities Act provided by Rule 144A. See “Transfer Restrictions” for additional information about eligible offerees and transfer restrictions. The notes will be represented by global notes in registered form. We expect that delivery of the notes will be made to investors in book- entry form through the facilities of The Depository Trust Company (“DTC”) for the accounts of its direct and indirect participants, including for Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking, S.A. (“Clearsstream”), on or about November 14, 2017. Joint Book-Running Managers BBVA Citigroup J.P. Morgan Santander The date of these Listing Particulars is December 18, 2017. TABLE OF CONTENTS Page Notice to Investors ......................................................................................................................................................... ii Enforcement of Civil Liabilities .................................................................................................................................. iii Available Information .................................................................................................................................................. iii Forward-Looking Statements ....................................................................................................................................... iv Certain Definitions ....................................................................................................................................................... vi Presentation of Financial and Certain Other Information .............................................................................................. x Summary........................................................................................................................................................................ 1 The Offering .................................................................................................................................................................. 8 Summary Historical Financial Data and Other Information ........................................................................................ 12 Risk Factors ................................................................................................................................................................. 16 Exchange Rates ........................................................................................................................................................... 33 Use of Proceeds ........................................................................................................................................................... 34 Capitalization ............................................................................................................................................................... 35 Selected Historical Financial Data and Other Information .......................................................................................... 36 Management’s Discussion and Analysis of Financial Condition and Results of Operations ...................................... 40 Industry ........................................................................................................................................................................ 62 Business ....................................................................................................................................................................... 73 Management .............................................................................................................................................................. 101 Principal Shareholders ............................................................................................................................................... 108 Related Party Transactions ........................................................................................................................................ 109 Description of the Notes ............................................................................................................................................ 111 Book-Entry, Delivery and Form ................................................................................................................................ 160 Transfer Restrictions .................................................................................................................................................. 164 Taxation ....................................................................................................................................................................

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