By Jennifer Chiou
New York, Oct. 24 - Pemex Project Funding Master Trust announced the results to date and an amendment of the purchase amounts as well as the extension of the early tender deadline in the tender offer for some of its $733.7 million of 6 1/8% notes due 2008, $474.0 million of 9 3/8% guaranteed notes due 2008 and $929.6 million 9 1/8% notes due 2010 to 5 p.m. ET on Oct. 25 from Oct. 23.
The purchase amounts of the trust's $945.4 million of 8½% notes due 2008 and $912.2 million of 7 7/8% notes due 2009 remain unchanged.
Under the offer, which will expire at midnight ET on Nov. 6, the trust will purchase up to $114 million of the 8½% notes, up to $440 million of the 6 1/8% notes, up to $175 million of the 9 3/8% notes, up to $110 million of the 7 7/8% notes and up to $376.02 million of the 9 1/8% notes.
Previously, the trust was offering to purchase up to $89 million of the 6 1/8% notes, $57 million of the 9 3/8% notes and $112 million of the 9 1/8% notes.
As of 5 p.m. ET on Oct. 23, Pemex had received tenders from holders of $576.0 million of its 8½% notes, $449.2 million of its 6 1/8% notes, $341.9 million of its 9 3/8% notes, $576.5 million of its 7 7/8% notes and $464.0 million of its 9 1/8% notes.
The payout for these notes, listed in the table below, was determined at 10 a.m. ET on Oct. 24 using the 3 3/8% Treasury due Feb. 15, 2008 and 50 basis points for the 8½% notes, the 4 1/8% Treasury due Aug. 15, 2008 and 50 bps for the 6 1/8% notes, the 4 5/8% Treasury due Nov. 30, 2008 and 50 bps for the 9 3/8% notes, the 4 7/8% Treasury due Jan. 31, 2009 and 80 bps for the 7 7/8% notes and the 4¼% Treasury due Oct. 15, 2010 and 93 bps for the 9 1/8% notes.
The payouts include an early tender premium of $20 for each $1,000 principal amount of debt securities tendered by the early deadline.
On Oct. 17, the trust said it accepted all tenders for its 8% notes due 2011, 7 3/8% notes due 2014, 9¼% guaranteed bonds due 2018, 8 5/8% bonds due 2022, 8 5/8% guaranteed bonds due 2023 and 9½% guaranteed bonds due 2027. The tender offer ended at midnight ET on Oct. 16, and the amount of notes tendered and the purchase price are noted in the table below.
The payout for the notes was determined using the 4½% Treasury due Nov. 30, 2011 and a fixed spread of 77 bps for the 8% notes, the 4¼% Treasury due Nov. 15, 2014 and 89 bps for the 7 3/8% notes, the 4¾% Treasury due Aug. 15, 2017 and 105 bps for the 9¼% bonds, the 4¾% Treasury due Aug. 15, 2017 and 126 bps for the 8 5/8% bonds, the 4¾% Treasury due Aug. 15, 2017 and 142 bps for the 8 5/8% guaranteed bonds and the 5% Treasury due May 15, 2037 and 125 bps for the 9½% bonds.
Noteholders will also received accrued interest to the settlement date, which was expected to be Oct. 19.
Also on Oct. 17, the trust extended the tender offer for its 5¾% notes due 2015 to noon ET on Oct. 26.
As of the original expiration date on Oct. 16, $1.5 billion of the notes had been tendered. The tender consideration for each $1,000 principal amount of notes is $1,015.58 plus accrued interest to the settlement date, which is expected to be Oct. 31, and the payout was determined using the 4½% Treasury due Nov. 15, 2015 and 95 bps.
As already reported, the trust terminated its offer to purchase a portion of its $460 million guaranteed floating-rate notes due 2009, $1.4 billion guaranteed floating-rate notes due 2010, $687 million guaranteed floating-rate notes due 2012 and $1.7 billion 7¾% guaranteed perpetual bonds.
D.F. King & Co. Inc. (800 431-9633 or call collect 212 269-5550) is the information agent. 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 trust was organized under Delaware law to finance investment projects by Petroleos Mexicanos SA de CV, a Mexico City-based state-owned oil company.
Pemex tender results to date
| Security | Amount tendered | Purchase price | Amount outstanding
|
| 8½% notes due 2008 | $576.0 million | $1,010.08 | $945.4 million
|
| 6 | 1/8% notes due 2008 | $449.2 million | $1,011.36 | $733.7 million
|
| 9 | 3/8% guaranteed notes due 2008 | $341.9 million | $1,051.59 | $474.0 million
|
| 7 | 7/8% notes due 2009 | $576.5 million | $1,037.87 | $912.2 million
|
| 9 | 1/8% notes due 2010 | $464.0 million | $1,118.56 | $929.6 million
|
| 8% notes due 2011 | $549.7 million | $1,107.46 | $187.7 million
|
| 7 | 3/8% notes due 2014 | $1.2 billion | $1,117.09 | $365.1 million
|
| 9¼% guaranteed bonds due 2018 | $228.2 million | $1,277.35 | $107.3 million
|
| 8 | 5/8% bonds due 2022 | $624.0 million | $1,260.31 | $160.3 million
|
| 8 | 5/8% guaranteed bonds due 2023 | $119.0 million | $1,261.32 | $121.7 million
|
| 9½% guaranteed bonds due 2027 | $354.4 million | $1,382.78 | $225.8 million
|
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