Milbank instructed on Pemex’s $525m note offering

Milbank, Tweed, Hadley & McCloy represented a group of banks acting as initial purchasers in an offering of fixed-rate notes issued by Mexico’s state-owned oil company, Petróleos Mexicanos (Pemex).


The international bank group consisted of Citigroup, Crédit Agricole and Santander. The series of $525 million fixed-rate notes due 2025 was priced with an interest rate of 2.460% per annum.

The notes were guaranteed by the U.S. Export-Import Bank.

Pemex is using the proceeds from the sale of the notes primarily to finance its purchase of goods and services from US manufacturers and suppliers for use in on-shore and off-shore oil and gas exploration and production areas.

The Milbank team was led by transportation and space partner Helfried Schwarz, global securities partner Arnold Peinado and special counsel Kevin MacLeod. It also included tax partner Andrew Walker and associates Conor Colasurdo, and Michael Goon.

Ben Cook