By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., Feb. 1 – Petroleos Mexicanos SAB de CV (Pemex) sold $2 billion 10% notes due Feb. 7, 2033 to yield 10 3/8%, or at a spread of 685.5 basis points over Treasuries (B1/BBB), according to a market source.
The notes had been talked in the 10 7/8% area, with guidance at the 10½% area plus or minus 12.5 bps.
Barclays, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., BBVA Securities Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America Inc. are the bookrunners for the Regulation S and Rule 144A offering.
The company said the offer was more than 5x oversubscribed in a press release.
Proceeds will be used to refinance liabilities.
Pemex is a Mexico City-based state-owned oil and gas company.
| Issuer: | Petroleos Mexicanos SAB de CV
|
| Amount: | $2 billion
|
| Issue: | Notes
|
| Maturity: | Feb. 7, 2033
|
| Bookrunners: | Barclays, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., BBVA Securities Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America Inc.
|
| Coupon: | 10%
|
| Yield: | 10 3/8%
|
| Spread: | Treasuries plus 685.5 bps
|
| Pricing date: | Jan. 31
|
| Ratings: | Moody’s: B1
|
| S&P: BBB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 10 7/8% area, guidance at 10½% area plus or minus 12.5 bps
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
