Tuesday, 27 January 2009

Fresh Stuff: Pemex Taps Investors to Offer Ten-Year, Dollar-Denominated Bond

Petroleos Mexicanos SA, the beleaguered oil state company of Mexico, is offering a benchmark size issuance of ten-year dollar debt. The banks managing the offering for Pemex are HSBC Holdings Plc., Calyon SA and Citigroup Inc. The sale may happen as early as today, according to our sources. Here are the preliminary terms:

Issuer: Petroleos Mexicanos (PEMEX)

Joint Guarantors: Pemex Exploracion y Produccion / Pemex Refinanciacion / Pemex Gas y Petroquimica

Structure: Senior Unsecured Notes -- Direct Obligation of PEMEX

Ratings: Baa1 / BBB+ / BBB (STABLE / STABLE / STABLE)

Size: Dollar Benchmark (At Least $500 Million)

Maturity: 10 year

Price Guidance: Treasury note with coupon 3.75 percent (Nov 2018) + spread (TBD -- To Be Defined)

Use of Proceeds: To finance investment program or to redeem, repurchase or refinance indebtedness

Bookrunners: HSBC Holdings Plc. /Calyon SA / Citigroup Inc.

Co-Manager: Banco Santander SA

Timing: ASAP

No comments:

Post a Comment