Published on 12/15/2020 in the Prospect News Emerging Markets Daily.
New Issue: Mexico’s Pemex sells upsized $1.5 billion of 6 7/8% notes due 2025
By Cady Vishniac
Detroit, Dec. 15 – Petroleos Mexicanos SAB de CV (Pemex) sold an upsized issue of $1.5 billion of 6 7/8% notes due 2025 (Ba2/BBB/BB-) that priced at 99.688, according to a press release.
The notes are guaranteed by subsidiaries Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica.
BofA Securities, Inc., Goldman Sachs & Co. LLC (stabilizing manager), Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc. acted as joint bookrunners on the Regulation S and Rule 144A deal. The notes will be listed on the Luxembourg Stock Exchange and traded on the Euro MTF market of the exchange.
Pemex is a Mexico City-based state-owned oil and gas company.
Issuer: | Petroleos Mexicanos SAB de CV (Pemex)
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Guarantor: | Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica
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Issue: | Medium-term notes
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Amount: | $1.5 billion
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Maturity: | Oct. 16, 2025
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Bookrunners: | BofA Securities, Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc.
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Issuer’s counsel: | Cleary Gottlieb
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Agent’s counsel: | Shearman & Sterling LLP
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Trustee: | Deutsche Bank Trust Co. Americas
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Coupon: | 6 7/8%
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Price: | 99.688
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Call: | Callable at make-whole-premium before Sept. 16, 2025; then a par call
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Pricing date: | Oct. 8
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Settlement date: | Oct. 16
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Ratings: | Moody’s: Ba2
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| S&P: BBB
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| Fitch: BB-
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Distribution: | Rule 144A and Regulation S
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