Petróleos Mexicanos Issues €3.15 Billion Euro-Denominated Offering

May 24, 2018

Cleary Gottlieb represented long-time client Petróleos Mexicanos (Pemex), the Mexican state oil company, in its €3.15 billion debt offering and concurrent cash tender offer.

The debt offering of 2.500 percent notes due 2022, floating rate notes due 2023, 3.625 percent notes due 2025 and 4.750 percent notes due 2029 launched and priced on May 16, 2018, and closed on May 24, 2018. The securities were issued under Pemex’s medium-term notes program in reliance on Regulation S and were listed on the Luxembourg Stock Exchange and admitted to trade on the Euro MTF market of the exchange. The tender offer for Pemex’s outstanding 3.750 notes due 2019 issued under Regulation S also launched on May 16, 2018, and closed on May 24, 2018.

Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., Deutsche Bank AG, London Branch, and Société Générale acted as joint lead managers for the debt offering and dealer managers for the tender offer.