Petróleos Mexicanos in $2.1 Billion Debt Offering

January 24, 2012

Cleary Gottlieb represented the Mexican state oil company Petróleos Mexicanos (PEMEX), in its Reg S/Rule 144A offering of $2.1 billion principal amount of 4.875% Notes due 2022, which closed on January 24. The notes were issued under PEMEX’s $22 billion medium-term notes program. The notes are listed on the Luxembourg Stock Exchange and have been admitted to trading on the Euro MTF market of the exchange.

The transaction priced on January 17 during New York market hours, at which time PEMEX offered $2.0 billion principal amount of notes. The transaction also provided for an extended offering period, which enabled PEMEX to offer an additional $100 million principal amount of notes during Asian market hours on January 18 at the issue price of the notes sold during New York market hours on January 17. The notes were priced to yield 315 basis points over U.S. Treasury securities of comparable maturity.