Pemex and PMI in $8.3 Billion Refinancing

Cleary Gottlieb represented longtime client Petróleos Mexicanos (Pemex), the Mexican state 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 a $4.5 billion syndicated revolving credit facility for Pemex, a $2.2 billion syndicated term loan credit facility for Pemex, and a $1.5 billion syndicated revolving credit facility for PMI. The PMI facility is guaranteed by Pemex, and all of the facilities are guaranteed by Pemex Exploración y Producción, Pemex Transformación Industrial and Pemex Logística, and their respective successors and assigns.

A syndicate of 45 banks participated in these refinancing facilities, with BBVA México, Bank of America, Bank of China, Citigroup, JPMorgan Chase, Mizuho, Sumitomo Mitsui Banking Corporation, and the Bank of Nova Scotia acting as global coordinators, joint bookrunners, and joint lead arrangers. GLAS USA LLC served as administrative agent for the syndicated facilities.

The syndicated facilities closed on December 5, 2023.

Pemex is the largest company in Mexico and one of the largest integrated oil and gas companies in the world. The firm has represented Pemex for many years in significant SEC reporting, corporate governance, financing, and other matters. Pemex’s successful refinancing of over $8 billion in bank debt reflects the market’s ongoing confidence in Pemex.