Petróleos Mexicanos in $1.25 Billion Debt Offering

October 18, 2011

Cleary Gottlieb represented the Mexican state oil company Petróleos Mexicanos (PEMEX), in its Reg S/Rule 144A offering of $1.25 billion principal amount of 6.500% Bonds due 2041, which closed on October 18. The bonds were issued under PEMEX’s $22 billion medium-term note program.

PEMEX entered into a registration rights agreement with the initial purchasers of the bonds under which it agreed to make an offer to exchange the bonds for substantially identical SEC-registered bonds. The bonds issued in the exchange offer will be consolidated with approximately $1.23 billion of 6.500% Bonds due 2041 issued by PEMEX on October 4, 2011 pursuant to an exchange offer that commenced on September 1.