Jorge Juantorena and Manuel Silva

Cleary represents Pemex and PMI in $8.3bn refinancing

Cleary Gottlieb has represented Petróleos Mexicanos (Pemex), the Mexican state-owned oil company, and its subsidiary P.M.I. Trading Designated Activity Company (PMI), in an $8. 3 billion refinancing of their existing bank debt.

The refinancing consisted of (i) a USD 4.5 billion syndicated revolving credit facility for Pemex, (ii) a USD 2.2 billion syndicated term loan facility for Pemex and (iii) a USD 1.5 billion syndicated revolving credit facility for PMI.  The PMI facility is guaranteed by Pemex, and all facilities are guaranteed by Pemex Exploración y Producción, Pemex Transformación Industrial and Pemex Logística, and their respective successors and assigns.

BBVA Mexico, Bank of America, Bank of China, Citigroup, JPMorgan Chase, Mizuho, Sumitomo Mitsui Banking Corporation and Bank of Nova Scotia acted as global coordinators, joint bookrunners and joint lead arrangers. GLAS USA LLC acted as administrative agent for the syndicated facilities.

The syndicated facilities closed on 5 December 2023.

Cleary’s team included partners Manuel Silva (pictured right) and Jorge Juantorena (pictured left), associates Laura Daugherty, Amanda Mitchell, and Alejandro Martínez-Inzunza, and international lawyers Jose Eduardo Coronado and Stephanie Plata. Counsel Matthew Brigham, associate Nathaniel Pribil, and law clerk Samuel Jack advised on U.S. tax matters. Partner Chase Kaniecki and associate Samuel Chang advised on U.S. sanctions-related matters. All lawyers are based in New York, except Chase Kaniecki and Samuel Chang who are based in Washington.

L Giselle Estrada