By Reshmi Basu and Paul A. Harris
New York, June 8 - Pemex Project Funding Master Trust priced an upsized $1.5 billion of six-year floating-rate notes (Baa1/BBB) at 99.888 to yield three-month Libor plus 132 basis points, according to market sources.
The coupon was three-month Libor plus 130 basis points.
The issue, increased to $1.5 billion from $1 billion, came in the middle of price talk. Talk of three-month Libor plus 130 to 135 basis points surfaced Monday.
HSBC and Lehman Brothers ran the books for the Rule 144A/Regulation S (without registration rights) bond offering.
The issuer is a financing subsidiary of Mexico's state oil monopoly Petroleos Mexicanos.
| Issuer: | Pemex Project Funding Master Trust
|
| Amount: | $1.5 billion
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| Issue: | Floating-rate notes
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| Maturity: | June 2011
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| Bookrunners: | HSBC and Lehman Brothers
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| Coupon: | Three-month Libor plus 130 basis points
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| Issue price: | 99.888
|
| Spread | Three-month Libor plus 132 basis points
|
| Settlement date: | June 15 |
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Price talk: | 130 to 135 basis points |
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