Cleary Gottlieb represented longtime client Petróleos Mexicanos (Pemex), the Mexican state oil company, in the issuance of $2 billion aggregate principal amount of 10% notes due 2033.
The offering priced on January 31, 2023, and is expected to settle on February 7, 2023. The securities are being issued in one tranche under Pemex’s medium-term notes program.
The notes are guaranteed by Pemex Exploración y Producción, Pemex Transformación Industrial, and Pemex Logística, and their respective successors and assignees. The notes are expected to be listed on the Luxembourg Stock Exchange and traded on the Euro MTF market of the exchange.
Barclays Capital Inc., J.P. Morgan Securities LLC, and Mizuho Securities LLC acted as active bookrunners of the offering, while BBVA Securities Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc., and SMBC Nikko Securities America Inc. acted as passive bookrunners.