Pemex Completes US$1.4bn Bond Issue
BNAmericas
Mexico's state oil company Pemex successfully issued US$1.4bn in seven-year bonds this week on the Luxembourg stock exchange at semi-annual interest rates of 4.5%, a company finance source told BNamericas.
Pemex will issue a formal statement on the bond sales next month, when bond settlement is due to occur, the source said.
The bonds, valued at US$1,000 each, can be exchanged for up to 58.7 million shares of Repsol YPF stock, which represents Pemex's 4.81% share in the Spanish oil company. Pemex will maintain its voting rights in Repsol YPF during the life of the bonds. Luxembourg's RepCon Lux, an orphan company largely owned by a Dutch charitable trust, is acting as the bond issuer, with Pemex serving as guarantor. The Mexican company aims to finance investment programs such as Pidiregas with resources from the issue.
About Business News Americas: Business News Americas is a multilingual news and business information service that covers the most important original stories in 11 different business sectors throughout Latin America everyday. Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports.
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Pemex will issue a formal statement on the bond sales next month, when bond settlement is due to occur, the source said.
The bonds, valued at US$1,000 each, can be exchanged for up to 58.7 million shares of Repsol YPF stock, which represents Pemex's 4.81% share in the Spanish oil company. Pemex will maintain its voting rights in Repsol YPF during the life of the bonds. Luxembourg's RepCon Lux, an orphan company largely owned by a Dutch charitable trust, is acting as the bond issuer, with Pemex serving as guarantor. The Mexican company aims to finance investment programs such as Pidiregas with resources from the issue.
About Business News Americas: Business News Americas is a multilingual news and business information service that covers the most important original stories in 11 different business sectors throughout Latin America everyday. Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports.
Click here for a Free two week trial to our Latin America Oil & Gas information service.
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