Petróleos Mexicanos in Successful $40.3 Billion Consent Solicitation

June 18, 2014

Cleary Gottlieb represented long-time client Petróleos Mexicanos (Pemex), the Mexican state oil company, in a successful solicitation of consents from the holders of 37 series of debt securities with an aggregate principal amount outstanding of approximately $40.3 billion. Each of Pemex and Pemex Finance, which acts as a special purpose vehicle for Pemex, solicited consents to amend an event of default provision, included in each instrument governing these securities, to align it with proposed changes in Mexican law resulting from reforms to the Mexican energy sector that are expected to be implemented in the near future. Morgan Stanley acted as global coordinator and solicitation agent, and Merrill Lynch and Deutsche Bank acted as solicitation agents. The successful consent solicitations were commenced on June 3, 2014 and expired on June 18, 2014. Cleary Gottlieb is also representing Pemex in its solicitation of consents from holders of debt securities governed by an English-law trust deed with an aggregate principal amount outstanding of €850 million, for which a meeting was held in London on June 25, 2014 at which holders voted on the adoption of a similar amendment.