Pemex announces offering of new dollar notes in one or more series

By Rebecca Melvin

New York, Jan. 21 – Petroleos Mexicanos SAB de CV announced that it has started an offering of new U.S. dollar-denominated notes in one or more series, subject to market conditions, according to a company press release.

The new securities are being issued under Pemex’s $102 million medium-term notes program, series C, and will constitute unsecured obligations of Pemex, guaranteed by Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica and their respective successors and assignees.

The proceeds from the sale will be used to repurchase the company’s outstanding 6% notes due 2020 and 3½% notes due 2020. But the deal is not conditioned on the consummation of the tenders.

Pemex is also making exchange offerings consisting of its 5½% notes due 2021, 6 3/8% notes due 2021, 4 7/8% notes due 2022, floating-rate notes due 2022, 5 3/8% notes due 2022, 3½% notes due 2023, 4 5/8% notes due 2023, 4 7/8% notes due 2024, 4¼% notes due 2025 and 4½% notes due 2026 (which securities would be exchanged for newly issued notes due 2031 having a principal amount not to exceed $1 billion) and 5½% bonds due 2044, 6 3/8% bonds due 2045, 5 5/8% bonds due 2046 and 6.35% bonds due 2048 (which securities would be exchanged for newly issued bonds due 2060 having a principal amount not to exceed $1 billion).

Barclays, BBVA Securities Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG, Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. have been retained to act as dealer managers in connection with the tender offers.

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

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