Pemex places bonds for 2 billion dollars in international markets
Petróleos Mexicanos announced in September that the implementation of a series of operational and commercial measures could generate an improvement in its 2018 financial balance for 30,000 million pesos, placing it in a deficit of approximately 49,414 million pesos, compared to the deficit originally approved by the Congress of the Union of 79,414 million pesos.
In line with the above, Pemex reduces its indebtedness prospects for 2018, focused on exclusively financing its updated deficit of 49,414 million pesos. As part of its authorized financing program for 2018, today it made the placement of a bond in the international debt markets:
- The total amount amounts to 2,000 million United States dollars with a maturity of 10 years.
- This placement has a maturity in January of 2029 and grants an investor yield rate of approximately 6.5 percent.
The proceeds from this issue will be used to comply with Pemex's investment program, and to settle or refinance debt under its charge. This operation strengthens the cash level for the closing 2018 and guarantees the company's liquidity for the beginning of 2019.
The placements made during the year are aimed at the proper functioning of the company, in compliance with its Business Plan. During the issuance process, communications were conducted with the transition team of the new federal administration.
This transaction was attended by investors from the United States, Europe, the Middle East, Asia and Mexico, mainly, with a demand of 5.9 times the amount placed. The underwriters of this instrument were HSBC, JP Morgan, Scotiabank and UBS.
This operation reflects the confidence that investors have in Petróleos Mexicanos as a productive company of the State and its positive outlook on the continuity in good management that the company has maintained over the last few years.
This Pemex press release was published using an automatic translation system.
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