PEMEX in $1.5 Billion Ex-Im-Guaranteed Export Financing Program and Related Offering

July 31, 2015

Cleary Gottlieb represented long-time client Petróleos Mexicanos, the Mexican state oil company, in the establishment of a $1.5 billion export financing program with the Export-Import Bank of the United States, pursuant to which Pemex was authorized to offer Ex-Im-guaranteed debt securities for the fourth time, following the establishment of similar programs in 2012, 2013 and 2014. In connection with the establishment of this program, Pemex priced $525 million principal amount of its 2.460% notes due 2025, Series 2015-1 (Pemex), on July 22. The Series 2015-1 offering closed on July 31.

Ex-Im’s charter lapsed on June 30, and accordingly it is precluded from approving any transactions absent reauthorization from the U.S. Congress. However, Ex-Im remains authorized to process and close all transactions approved prior to June 30, including any guarantees to be issued in connection with the export financing program of Pemex described above.