19 02 2016

Petróleos Mexicanos $5 Billion in Debt Securities Offering

Shearman & Sterling represented BBVA Securities Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner and Smith Incorporated and Santander Investment Securities Inc. as managers in connection with the offering of US$5 billion of debt securities issued in three separate tranches PEMEX



As part of its approved financing program for 2016, today PEMEX issued 5 billion dollars in debt, divided in three tranches:
 
i) 750 million dollars due in February 2019 with a 5.50 percent coupon
 
ii) 1,250 million dollars due in February 2021 with a 6.375 percent coupon
 
iii) 3 billion dollars due in August 2026 with a 6.90 percent coupon
 
A demand of approximately 18 billion dollars -3.5 times the original amount- was observed this time. Among the major investors in the operation are pension funds, portfolio managers and financial institutions, mainly from the United States of America and Europe. Accounts in Asia, México and Middle East also participated in the transaction.

Proceeds of this issuance, which objective is to promote the adecuate functioning of the company as well as a cautious management of its finances, will be used to finance Petróleos Mexicanos’ investment projects. Petroleos Mexicanos S.A. de C.V. explores, exploits, refines, transports, stores, distributes, and markets crude oil, natural gas, and derivatives of petroleum and natural gas in Mexico. The company, led by Emilio Ricardo Lozoya Austin, Mario Alberto Beauregard Alvarez, Carlos Rafael Murrieta Cummings and Alejandro Martinez Sibaja is based in Mexico.
 
The Shearman & Sterling team included partner Stuart Fleischmann (picture)  (New York-Capital Markets), counsel Grissel Mercado (New York-Capital Markets), and associates Erica Kassman (New York-Corporate) and Yesenia Barberena (New York-Corporate). Other Shearman & Sterling lawyers involved in the transaction were associates Jeffrey Tate (Washington, DC-Tax) and Adam Sternberg (New York-Tax). Involved fees earner: Stuart Fleischmann - Shearman & Sterling; Grissel Mercado - Shearman & Sterling; Erica Kassman - Shearman & Sterling; Yesenia Barberena - Shearman & Sterling; Jeffrey Tate - Shearman & Sterling; Adam Sternberg - Shearman & Sterling;

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