Mexico's Pemex buys 78.3% of $2.948 billion notes in exchange offer

New York, Dec. 22 - Petroleos Mexicanos said it exchanged $2.308 billion principal amount or 78.3% of the $2.948 billion of notes covered by the offer.

The response is up slightly from the 77% it reported receiving by the early participation date.

Pemex will pay a fee of $2.50 per $1,000 principal amount for bonds tendered by the early participation deadline of 5 p.m. ET on Dec. 15. The exchange ended at midnight ET on Dec. 21.

As announced on Nov. 17, Pemex is offering to exchange the notes on a one-for-one basis for new bonds that will be similar to the old ones except that they will be issued by Pemex Project Funding Master Trust instead of Petroleos Mexicanos.

The exchange response was:

* Holders tendered $158.503 million of Pemex's $250 million 9% guaranteed notes due 2007;

* Holders tendered $399.619 million of $600 million 8.85% global guaranteed notes due 2007;

* Holders tendered $439.011 million of $598 million 9 3/8% global guaranteed notes due 2008;

* Holders tendered $324.220 million of $350 million 9¼% global guaranteed bonds due 2018;

* Holders tendered $228.735 million of $250 million 8 5/8% bonds due 2023;

* Holders tendered $354.477 million of $400 million 9½% global guaranteed bonds due 2027;

* Holders tendered $403.746 million of $500 million 9½% putable or mandatorily exchangeable securities (POMES) due 2027.

The new issues will be 9% guaranteed notes due 2007, 8.85% guaranteed notes due 2007, 9 3/8% guaranteed notes due 2008, 9¼% guaranteed bonds due 2018, 8 5/8% guaranteed bonds due 2023, 9½% guaranteed bonds due 2027 and 9.50% guaranteed POMES due 2027.

Pemex, a Mexico City-based state-owned oil monopoly, will use the proceeds from transferring the debt to finance investments in long-term productive infrastructure projects.

Pemex Project Funding Master Trust is a Delaware statutory trust established to finance investments in infrastructure projects in Mexico.

D.F. King & Co. Inc. is the information agent (800 207-3158).

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