By Wendy Van Sickle
Columbus, Ohio, Sept. 13 – Petroleos Mexicanos SAB de CV priced $7.5 billion of new-money notes in three tranches on Friday in one of a series of recently announced measures designed to improve its financial condition.
The company priced $1.25 billion of 6.49% notes due Jan. 23, 2027 at 99.954 plus accrued interest from Sept. 23.
Pemex priced $3.25 billion of 6.84% notes due Jan. 23, 2030 at 99.939 plus accrued interest from Sept. 23.
Finally, it priced $3 billion of 7.69% notes due Jan. 23, 2050 at 99.899 plus accrued interest from Sept. 23.
Pemex plans to issue further amounts of the securities to settle exchange offers for 15 series of short-term maturity notes due 2022 through 2025 and long-term maturity bonds due 2041 through 2048, which were also announced on Friday.
The new-money notes will be issued under Pemex's $102 billion medium-term notes program and will be jointly and severally guaranteed by Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica and their successors and assignees.
Proceeds of the new-money notes are earmarked for general corporate purposes, including the repayment of short-term loans.
Pemex announced on Wednesday that it would be receiving a $5 billon-equivalent capital contribution from the government of Mexico. On Thursday, the company announced tender offers for up to $5 billion of 10 series of notes.
Pemex is a Mexico City-based oil and gas company.
| Issuer: | Petroleos Mexicanos SAB de CV (Pemex)
|
| Guarantors: | Pemex Exploracion y Produccion, Pemex Transformacion Industrial, Pemex Perforacion y Servicios and Pemex Logistica
|
| Securities: | Short-term maturity notes and long-term maturity bonds
|
| Amount: | $7.5 billion
|
| Pricing date: | Sept. 13
|
|
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| 2027 notes
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| Amount: | $1.25 billion
|
| Maturity: | Jan. 23, 2027
|
| Coupon: | 6.49%
|
| Price: | 99.954
|
|
|
| 2030 notes
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| Amount: | $3.25 billion
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| Maturity: | Jan. 23, 2030
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| Coupon: | 6.84%
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| Price: | 99.939
|
|
|
| 2050 bonds
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| Amount: | $3 billion
|
| Maturity: | Jan. 23, 2050
|
| Coupon: | 7.69%
|
| Price: | 99.899
|
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