Mexico's Pemex trust tenders for several series of notes, floaters

By Jennifer Chiou

New York, Oct. 10 - Pemex Project Funding Master Trust announced a cash tender offer for the following securities:

• $114 million of its $945,405,000 of 8½% notes due 2008;

• $89 million of its $733,675,000 of 6 1/8% notes due 2008;

• $57 million of its $474,023,000 of 9 3/8% guaranteed notes due 2008;

• $110 million of its $912,154,000 of 7 7/8% notes due 2009;

• $112 million of its $929,618,000 of 9 1/8% notes due 2010;

• $56 million of its $460 million of guaranteed floating-rate notes due 2009;

• $210 million of its $1,740,402,000 of 7¾% guaranteed perpetual bonds;

• $169 million of its $1,396,495,000 of guaranteed floating-rate notes due 2010; and

• $83 million of its $687,141,000 of its guaranteed floating-rate notes due 2010.

The Mexico City-based state-owned oil monopoly said that the offer ends at midnight ET on Nov. 6 while the early deadline is 5 p.m. ET on Oct. 23.

The company said in calculating the payouts it will use the 3.375% Treasury due Feb. 15, 2008 and a fixed spread of 50 basis points for the 8½% notes; the 4.125% Treasury due Aug. 15, 2008 and 50 bps for the 6 1/8% notes; the 4.625% Treasury due Nov. 30, 2008 and 50 bps for the 9 3/8% notes; the 4.875% Treasury due Jan. 31, 2009 and 80 bps for the 7 7/8% notes; and the 4.25% Treasury due Oct. 15, 2010 and 93 bps for the 9 1/8% notes.

For each $1,000 principal amount, Pemex said it will pay $1,033 for the floaters due 2009, $1,028.75 for the 7¾% bonds, $1,027.50 for the floaters due 2010 and $1,010 for the floaters due 2012.

Each payout includes a $20 per $1,000 principal amount early tender premium for those who tender prior to the early deadline.

In an offer that ends at midnight ET on Oct. 16, the company also is tendering for its $737,434,000 of 8% notes due 2011, $1,553,409,000 of 7 3/8% notes due 2014, $1,721,490,000 of 5¾% notes due 2015, $335,427,000 of 9¼% guaranteed bonds due 2018, $784,244,000 of 8 5/8% bonds due 2022, $240,655,000 of 8 5/8% guaranteed bonds due 2023 and $580,158,000 of 9½% guaranteed bonds due 2027.

The trust said it will determine the payouts using the 4.5% Treasury due Nov. 30, 2011 and 77 bps for the 8% notes, the 4.25% Treasury due Nov. 15, 2014 and 89 bps for the 7 3/8% notes, the 4.5% Treasury due Nov. 15, 2015 and 95 bps for the 5¾% notes, the 4.75% Treasury due Aug. 15, 2017 and 105 bps for the 9¼% bonds, the 4.75% Treasury due Aug. 15, 2017 and 126 bps for the 8 5/8% bonds, 4.75% Treasury due Aug. 15, 2017 and 142 bps for the 8 5/8% bonds and the 5% Treasury due May 15, 2037 and 125 bps for the 9½% bonds.

D.F. King & Co., Inc. is the information agent (800 431-9633 or call collect 212 269-5550). Credit Suisse Securities (USA) LLC (800 820-1653 or call collect 212 538-0652) and Deutsche Bank Securities Inc. (866 627 0391 or call collect 212 250-2955) are the dealer managers.

The depositary is Deutsche Bank Trust Co. Americas.

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