By Paul A. Harris
Portland, Ore., Sept. 13 – Petroleos Mexicanos SAB de CV priced $4 billion of senior notes (Baa3/BBB+/BBB+) in two tranches on Tuesday, according to a market source.
The Mexican state-owned oil company priced $2 billion of seven-year notes at par to yield 4 5/8%. The yield printed at the tight end of yield talk in the 4¾% area.
Pemex also priced $2 billion of 31-year notes at par to yield 6¾%, on top of price talk.
Joint bookrunner Citigroup will bill and deliver for the Rule 144A and Regulation S offering. Barclays, HSBC, MUFG and Natixis were also joint bookrunners.
The company plans to use the proceeds to fund its concurrent tender and exchange offers and to finance its investment program.
| Issuer: | Petroleos Mexicanos SAB de CV
|
| Amount: | $4 billion
|
| Securities: | Senior notes
|
| Bookrunners: | Citigroup (bill and deliver), Barclays, HSBC, MUFG, Natixis
|
| Trade date: | Sept. 13
|
| Ratings: | Moody's: Baa3
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Marketing: | Quick to market
|
|
|
| Seven-year notes
|
| Amount: | $2 billion
|
| Maturity: | Sept. 21, 2023
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Price talk: | 4¾% area
|
|
|
| 31-year notes
|
| Amount: | $2 billion
|
| Maturity: | Sept. 21, 2047
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Price talk: | 6¾%
|
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