By Christine Van Dusen
Atlanta, Oct. 7 – Mexico’s Petroleos Mexicanos SAB de CV (Pemex) priced a combined $2.5 billion of notes due in 2025 and 2044 on Monday, a market source said.
The $1 billion 4¼% notes due Jan. 15, 2025 priced at 99.423 to yield 4.321%, or Treasuries plus 190 basis points.
The notes were talked at a spread in the 210 bps area.
The $1.5 billion tap of the 5½% notes due June 27, 2044 priced at 101.895 to yield 5.371%, or Treasuries plus 225 bps.
The notes were talked at a spread in the 240 bps area.
The issue’s total size is now $4.25 billion.
BofA Merrill Lynch, Credit Agricole CIB and JPMorgan were the bookrunners for the deal.
The proceeds will be used for the early redemption of Pemex’s 2015 notes, to finance an investment program and for working capital needs.
Pemex is a Mexico City-based petrochemical company.
| Issuer: | Petroleos Mexicanos SAB de CV (Pemex)
|
| Amount: | $2.5 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, Credit Agricole CIB, JPMorgan
|
| Trade date: | Oct. 6
|
| Settlement date: | Oct. 15
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 15, 2025
|
| Coupon: | 4¼%
|
| Price: | 99.423
|
| Yield: | 4.321%
|
| Spread: | Treasuries plus 190 bps
|
| Price talk: | Treasuries plus 210 bps area
|
|
|
| 30-year notes
|
| Amount: | $1.5 billion add-on
|
| Maturity: | June 27, 2044
|
| Coupon: | 5½%
|
| Price: | 101.895
|
| Yield: | 5.371%
|
| Spread: | Treasuries plus 225 bps
|
| Price talk: | Treasuries plus 240 bps area
|
| Total amount: | $4.25 billion
|
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