Petróleos Mexicanos in $4.0 Billion Offering under MTN Program

January 23, 2014

Cleary Gottlieb represented long-time client Petróleos Mexicanos (Pemex), the Mexican state oil company, in its Reg S/Rule 144A debt offering of $4 billion aggregate principal amount of securities, which closed on January 23. The securities were issued in three tranches under Pemex’s medium-term notes program. BofA Merrill Lynch, Deutsche Bank and Goldman Sachs acted as joint lead managers. The securities were listed on the Luxembourg Stock Exchange and were admitted to trading on the Euro MTF market of the exchange.

The $4 billion debt offering is Pemex’s largest single offering to date and marks its first U.S. dollar offering following amendments to the Mexican Constitution related to energy reform. The general terms of the securities are as follows:

  • $500 million 3.125% Notes due 2019;
  • $500 million reopening of 4.875% Notes due 2024; and
  • $3 billion 6.375% Bonds due 2045.