Mexico's Pemex seeks consents to amend notes for regulatory purposes

By Susanna Moon

Chicago, June 3 - Mexico's Petroleos Mexicanos (Pemex) said it began a consent solicitation for several series of outstanding notes.

The company is seeking to amend the notes to reflect the changes in the regulatory landscape for the Mexican oil and gas sector, according to a company press release.

The consent fee will be $1.50 per $1,000 principal amount, €1.50 per €1,000 principal amount, CHF 1.50 per CHF 1,000 principal amount, A$1.50 per A$1,000 principal amount or £1.50 per £1,000 principal amount.

The consent solicitations will end at 5 p.m. ET on June 17.

A bondholders meeting will be held in London on June 25.

Voting by proxy must be delivered no later than 24 hours before the meeting.

The amendment will change an event of default provision, included in each instrument governing these securities, that relates to Petroleos Mexicanos' characterization as a legal entity under Mexican law.

The proposed amendment is intended to align each instrument governing the securities with proposed changes in Mexican law resulting from reforms to the Mexican energy sector that are expected to be implemented in the near future, the company said.

Pemex Finance Ltd., a special purpose financing vehicle for Petroleos Mexicanos, also is seeking to amend series of its outstanding debt securities to reflect the same changes.

Petroleos Mexicanos is tendering for the following notes: $365,135,000 7 3/8% notes due 2014; $1.5 billion 4 7/8% notes due 2015; $234,915,000 5¾% notes due 2015; $500 million floating-rate notes due 2018; $1 billion 3½% notes due 2018; $2,488,668,000 5¾% notes due 2018; $9,573,000 9¼% global guaranteed bonds due 2018; $107,271,000 9¼% guaranteed bonds due 2018; $500 million 3 1/8% notes due 2019; $2 billion 8% notes due 2019; $1 billion 6% notes due 2020; $3 billion 5½% notes due 2021; $2.1 billion 4 7/8% notes due 2022; $160,245,000 8 5/8% bonds due 2022; $2.1 billion 3½% notes due 2023; $9,345,000 8 5/8% bonds due 2023; $121,658,000 8 5/8% guaranteed bonds due 2023; $1.5 billion 4 7/8% notes due 2024; $102,228,000 9½% global guaranteed bonds due 2027; $225,792,000 9½% guaranteed bonds due 2027; $2.75 billion 6 5/8% bonds due 2035; $496.7 million 6 5/8% bonds due 2038; $3 billion 6½% bonds due 2041; $2.75 billion 5½% bonds due 2044; $3 billion 6 3/8% bonds due 2045; $1 billion 6 5/8% perpetual bonds; €1 billion 5½% notes due 2017; €200 million 5.779% notes due 2017; €1.3 billion 3 1/8% notes due 2020; €1 billion 5½% notes due 2025; €1 billion 3¾% notes due 2026; CHF 500 million 3½% notes due 2014; CHF 300 million 2½% notes due 2019; A$150 million 6 1/8% notes due 2017; and £350 million 8¼% notes due 2022.

Pemex Finance is tendering for its $162.5 million 10.61% notes due 2017 and $250 million 9½% notes due 2018.

Petroleos Mexicanos is tendering for its €850 million 6 3/8% guaranteed notes due 2016.

Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057 collect or +44 20 7677 5040) is the global coordinator and solicitation agent. BofA Merrill Lynch (888 292-0070, 646 855-8988 collect or +44 20 7995 3715) and Deutsche Bank Securities Inc. (855 287-1922, 212 250-7527 collect or +44 20 7545 8011) are the solicitation agents. D. F. King & Co., Inc. (pemex@dfking.com or 800 967-7635 or +44 20 7920 9700) is the information and tabulation agent. Credit Suisse AG is the Swiss paying agent.

Pemex is a Mexico City-based petrochemical company.

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