By Reshmi Basu
New York, June 2 - Petroleos Mexicanos SA (Pemex) priced $1 billion of 10-year bonds at 99.788 with a 5¾% coupon to yield 5.777% and $500 million of 30-year bonds at 98.652 with a 6 5/8% coupon to yield 6.73%, according to a market source.
The 10-year bonds carry a make-whole call at Treasuries plus 37.5 basis points, and the 30-year bonds bear a make-whole call at Treasuries plus 50 basis points.
The notes were issued by Pemex Project Funding Master Trust and guaranteed by Pemex.
Proceeds from the sale will be used for liability management and capital expenditures.
Credit Suisse First Boston and Lehman Brothers ran the books for the Rule 144A/Regulation S offering.
Pemex, based in Mexico, is a state-owned oil monopoly.
| Issuer: | Pemex Project Funding Master Trust
|
| Guarantor: | Petroleos Mexicanos SA (Pemex)
|
| Total amount: | $1.5 billion
|
| Pricing date: | June 1
|
| Settlement date: | June 8
|
| Bookrunners: | Credit Suisse First Boston, Lehman Brothers
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
|
|
| 10-year tranche
|
| Issue: | 10-year bullet
|
| Amount: | $1 billion
|
| Maturity: | Dec. 15, 2015
|
| Coupon: | 5¾%
|
| Issue price: | 99.788
|
| Yield: | 5.777%
|
| Spread: | Treasuries plus 187 basis points
|
| Make-whole call: | Treasuries plus 37.5 basis points
|
|
|
| 30-year tranche
|
| Issue: | 30-year bullet
|
| Amount: | $500 million
|
| Maturity: | June 15, 2035
|
| Coupon: | 6 5/8%
|
| Issue price: | 98.652
|
| Yield: | 6.73%
|
| Spread: | Treasuries plus 247 basis points
|
| Make-whole call: | Treasuries plus 50 basis points
|
|
|
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