Cleary Gottlieb acted for PEMEX on its $5 billion notes offering and concurrent liability management transaction.
The transaction included a $5 billion Rule 144A/Reg S debt offering and tender offers for three series of its outstanding debt securities.
Pemex’s debt offering of 6.500% Notes due 2027 and 6.750% Bonds 2047, under its medium-term notes program, launched and priced on July 11 and closed on July 18. The securities will be listed on the Luxembourg Stock Exchange and admitted to trade on the Euro MTF market of the exchange.
The energy company will use a portion of the net proceeds from the debt offering to repurchase three series of its outstanding debt securities for an aggregate purchase amount of $1.7 billion.
BBVA Securities, HSBC Securities (USA), JP Morgan Securities and Santander Investment Securities acted as joint managers for the debt offering and dealer managers in connection with the tender offers.
Partner Jorge Juantorena led the Cleary team advising PEMEX.