By Rebecca Melvin
Concord, N.H., Dec. 8 – Petroleos Mexicanos SAB de CV (Pemex) priced $1 billion of 6.7% notes due Feb. 16, 2032 (Ba3/BBB) at 99.976, according to a press release.
The notes are guaranteed by subsidiaries Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica.
They were talked at a yield in the high 6% area.
BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and HSBC acted as joint bookrunners on the Regulation S and Rule 144A deal.
The proceeds of the notes will be used to pay the cash consideration of the company’s exchange of 12 series of notes and purchase of six series, which the company says will improve its financial position.
The notes will be listed on the Luxembourg Stock Exchange and traded on the Euro MTF market of the exchange.
Principal on the new notes will be repaid in three installments on Feb. 16, 2030, Feb. 16, 2031 and at maturity.
Pemex is a Mexico City-based state-owned oil and gas company.
| Issuer: | Petroleos Mexicanos SAB de CV (Pemex)
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| Guarantors: | Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica
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| Issue: | Medium-term notes
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| Amount: | $1 billion
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| Maturity: | Feb. 16, 2032
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and HSBC
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| Coupon: | 6.7%
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| Price: | 99.976
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| Pricing date: | Dec. 7
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| Settlement date: | Dec. 16
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| Ratings: | Moody’s: Ba3
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| S&P: BBB
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| Distribution: | Rule 144A and Regulation S
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