Petróleos Mexicanos’ $5 Billion Offering

July 21, 2017

Cleary Gottlieb represented long-time client Petróleos Mexicanos (Pemex), the Mexican state oil company, in its $5 billion Rule 144A/Reg S debt offering and in concurrent tender offers for three series of its outstanding debt securities.

Pemex’s debt offering of 6.500 percent notes due 2027 and 6.750 percent bonds 2047, under its medium-term notes program, launched and priced on July 11, 2017, and closed on July 18, 2017. The securities will be listed on the Luxembourg Stock Exchange and admitted to trade on the Euro MTF market of the exchange.

Pemex will use a portion of the net proceeds from the debt offering to repurchase three series of its outstanding debt securities for an aggregate purchase amount of $1.7 billion. The expiration date for the offers was July 18, the guaranteed delivery date was July 20 and the settlement date was July 21, 2017.

BBVA Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc. acted as joint managers for the debt offering and dealer managers in connection with the tender offers.