Pemex to launch offering of dollar-denominated notes

By Marisa Wong

Los Angeles, Dec. 6 – Petroleos Mexicanos (Pemex) announced a series of measures intended to improve its financial condition, including an offering of dollar-denominated global notes.

The new money securities will constitute unsecured obligations of Pemex and will be guaranteed by Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica, according to a Monday press release.

The Rule 144A and Regulation S offering is subject to market and other conditions.

Pemex also announced it intends to conduct a liability management transaction targeting some series of its outstanding securities.

In addition, the government of Mexico announced it will make a capital injection of up to $3.5 billion in Pemex in connection with the liability management transaction.

Proceeds of the capital injection and the new money securities will be used to fund the exchange and tender offers.

The state-owned petroleum company is based in Mexico City.

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