New Issue: Mexico’s Pemex sells upsized $1.5 billion of 6 7/8% notes due 2025

By Cady Vishniac

Detroit, Dec. 15 – Petroleos Mexicanos SAB de CV (Pemex) sold an upsized issue of $1.5 billion of 6 7/8% notes due 2025 (Ba2/BBB/BB-) that priced at 99.688, according to a press release.

The notes are guaranteed by subsidiaries Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica.

BofA Securities, Inc., Goldman Sachs & Co. LLC (stabilizing manager), Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc. acted as joint bookrunners on the Regulation S and Rule 144A deal. The notes will be listed on the Luxembourg Stock Exchange and traded on the Euro MTF market of the exchange.

Pemex is a Mexico City-based state-owned oil and gas company.

Issuer:	Petroleos Mexicanos SAB de CV (Pemex)
Guarantor:	Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica
Issue:	Medium-term notes
Amount:	$1.5 billion
Maturity:	Oct. 16, 2025
Bookrunners:	BofA Securities, Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc.
Issuer’s counsel:	Cleary Gottlieb
Agent’s counsel:	Shearman & Sterling LLP
Trustee:	Deutsche Bank Trust Co. Americas
Coupon:	6 7/8%
Price:	99.688
Call:	Callable at make-whole-premium before Sept. 16, 2025; then a par call
Pricing date:	Oct. 8
Settlement date:	Oct. 16
Ratings:	Moody’s: Ba2
	S&P: BBB
	Fitch: BB-
Distribution:	Rule 144A and Regulation S

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