Petróleos Mexicanos in Establishment of $1.2 Billion Ex-Im-Guaranteed Export Financing Program and Related Offerings

July 6, 2012

Cleary Gottlieb represented the Mexican state oil company Petróleos Mexicanos (Pemex) in the establishment of a $1.2 billion export financing program with the Export-Import Bank of the United States (Ex-Im). Pursuant to this program Pemex offered Ex-Im guaranteed debt securities for the first time. On June 26, 2012, Pemex priced $400 million principal amount of its 2.000% notes due 2022, Series 2012-1 (Pemex) and two days thereafter it priced an offering of $400 million principal amount of its 1.950% notes due 2022, Series 2012-2 (Pemex). Each of the offerings closed on July 6.

Pemex is the largest company in Mexico and one of the largest crude oil producers and oil and gas companies in the world.