By Jennifer Chiou
New York, Nov. 7 - Pemex Project Funding Master Trust announced the results in the partial tender offer for numerous series of notes.
As of the offer deadline at midnight ET on Nov. 6, holders had tendered:
• $455.68 million of its $733.68 million of 6 1/8% notes due 2008. Pemex will buy $440 million of these for a proration factor of 96.5586%;
• $579.75 million of its $912.15 million of 7 7/8% notes due 2009. Pemex will buy $110 million for a proration factor of 18.9736%;
• $586.95 million of its $945.4 million of 8½% notes due 2008. Pemex will buy $114 million for a proration factor of 19.4226%;
• $477.59 million of its $929.62 million of 9 1/8% notes due 2010. Pemex will buy $376.02 million for a proration factor of 78.7345%; and
• $353.05 million of its $474.02 million of 9 3/8% guaranteed notes due 2008. Pemex will buy $175 million for a proration factor of 49.5679%.
At 5 p.m. ET on Oct. 25, the early tender deadline, holders had tendered $449.71 million of the 6 1/8% notes, $576.49 million of the 7 7/8% notes,$575.96 million of the 8½% notes, $464.2 million of the 9 1/8% notes and $346.17 million of the 9 3/8% guaranteed notes.
On Oct. 26, the trust said it received and accepted tenders for $1.49 billion of its 5¾% notes due 2015. The company paid $1,015.58 per $1,000 principal amount for the notes plus accrued interest up to but excluding the Oct. 30 settlement date. After the tender there are $234.92 million of the notes outstanding.
The tender for the 5¾% notes ended at noon ET on Oct. 26.
On Oct. 24, Pemex announced an amendment of the purchase amounts as well as the extension of the early tender deadline in the tender offer for its 6 1/8% notes, 9 3/8% guaranteed notes and 9 1/8% notes to 5 p.m. ET on Oct. 25 from Oct. 23.
The purchase amounts of the 8½% notes and 7 7/8% notes remained unchanged.
Under the offer, the trust previously said it would 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.
Before that, 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 $20.00 for each $1,000 principal amount of debt securities tendered by the early deadline, which was on Oct. 23 for the 8½% notes and 7 7/8% notes and Oct. 25 for the 6 1/8% notes, 9 3/8% notes and 9 1/8% notes.
The settlement date is Nov. 9.
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 also received accrued interest to the settlement date, which was 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, $1.45 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, 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) was 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) were 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
| Security | Amount tendered | Amount accepted | Purchase price
|
| 8½% notes due 2008 | $586.95 million | $114 million | $1,010.08
|
| 6 | 1/8% notes due 2008 | $455.68 million | $440 million | $1,011.36
|
| 9 | 3/8% guaranteed notes due 2008 | $353.05 million | $175 million | $1,051.59
|
| 7 | 7/8% notes due 2009 | $579.75 million | $110 million | $1,037.87
|
| 9 | 1/8% notes due 2010 | $477.59 million | $376.02 million | $1,118.56
|
| 8% notes due 2011 | $549.7 million | $549.7 million | $1,107.46
|
| 7 | 3/8% notes due 2014 | $1.2 billion | $1.2 billion | $1,117.09
|
| 5¾% notes due 2015 | $1.49 billion | $1.49 billion | $1,015.58
|
| 9¼% guaranteed bonds due 2018 | $228.2 million | $228.2 million | $1,277.35
|
| 8 | 5/8% bonds due 2022 | $624.0 million | $624.0 million | $1,260.31
|
| 8 | 5/8% guaranteed bonds due 2023 | $119.0 million | $119.0 million | $1,261.32
|
| 9½% guaranteed bonds due 2027 | $354.4 million | $354.4 million | $1,382.78
|
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