Pemex $5.5 billion credit facility expected to close in February

By Caroline Salls

Pittsburgh, Jan. 27 - Petroleos Mexicanos SA de CV expects to close on a $5.5 billion credit facility in February that would include a $4.25 billion term loan and a $1.25 billion revolving line of credit, according to a company news release.

The loan is still being syndicated, the company said.

The $4.25 billion loan will be used to refinance a March 22, 2005 Pemex Project Funding Master Trust facility and will be divided into two tranches.

Tranche A will be a five-year $1.5 billion loan with interest of Libor plus 40 basis points and tranche B will be a $2.75 billion seven-year loan with interest of Libor plus 55 basis points.

The three-year revolver will be used by the Pemex Project Funding Master Trust or by Pemex at a rate of Libor plus 27.5 basis points.

Lead banks will include BBVA, Calyon, Citigroup, HSBC, Santander and Scotia Capital.

ABN Amro, Bank of America, Bank of Tokio-Mitsubishi UFJ, Barclays, Bayerische Landesbank, BNP Paribas, Caja Madrid, Mizuho, San Paolo IMI and Societe Generale have also confirmed that they will participate.

Pemex is a Mexico City-based state-owned oil company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.