PEMEX in Landmark Liability Management

Cleary Gottlieb is representing longtime clients Petróleos Mexicanos (PEMEX) and the Mexican Ministry of Finance in a series of landmark liability management transactions intended to strengthen PEMEX’s financial condition.

As part of the transactions, PEMEX commenced an offering of three series of U.S. dollar-denominated global notes and is expected to announce tender offers for cash in connection with 10 series of global notes with maturities from 2020 through 2023 and exchange offers in connection with 15 series of global notes with maturities from 2020 through 2043. Citi, Goldman Sachs, HSBC, J.P. Morgan, BofA, Credit Agricole, and Mizuho are acting as managers in the global notes offering and dealer managers in the liability management transactions.

Concurrent with the transactions, the Mexican Ministry of Finance announced it is making a capital contribution to PEMEX in pesos equivalent to $5 billion.