Petroleos Mexicanos announces global bill pricing and private offering in exchange for its 12 series of securities and an offer to purchase its 6 series of securities – QNT Press Release


Mexico City, December 7, 2021 /PRNewswire/ – oil Mexican (“PEMEX”) Today announced the pricing of global bills denominated in U.S. dollars and commenced liability management transactions, including 12 separate exchange offers for a specific series of outstanding PEMEX bills with a maturity from 2024 to 2030 (“Exchange offer“) and six separate offers to purchase certain series of outstanding PEMEX notes with maturities ranging from 2044 to 2060 (“Purchase discount“, together with the exchange offer,”discount“).

New Currency Securities

New Money securities will constitute PEMEX’s unsecured obligations and will be jointly and individually guaranteed by Pemex Exploración y Producción, Pemex Transformación Industrial and Pemex Logística and their respective heirs and assigns.

PEMEX intends to use the net proceeds from the sale of new currency securities to pay cash consideration to note holders that PEMEX effectively bids and accepts in the offer.

PEMEX pays 6.700% of the notes due in 2032 (“New Securities“), for the total principal amount in the United States 1,000,000,000 USD (this”New Currency Securities“). New currency securities are issued at a price of 99.976%, plus accrued interest (if any) from December 16, 2021. Interest is paid on February 16 with August 16 Every year from August 16, 2022. The new securities will be February 16, 2032.

The principal of the new securities will be repaid in three installments February 16, 2030, February 16, 2031 And at maturity. The calculation method of the principal payment is as follows: the total amount of each principal payment of the new securities shall be equal to the outstanding principal amount as of any principal payment date divided by the remaining principal installment payments from the principal payment date to (inclusive) The maturity date of the new security. Within the necessary range, the principal payment can be rounded to the nearest whole number, and any difference is paid at maturity.

discount

Liability management transactions include (i) 12 separate exchange offers PEMEX listed in the table below to accept newly issued securities and cash outstanding securities of priority 1 to 11, and (ii) six separate PEMEX cash purchases The outstanding securities with acceptance priority levels 12 to 17 listed in the table below for the offer (the outstanding securities targeted in the transaction offer and the purchase offer are collectively referred to as “Old securities“), in each case, plus accrued interest (defined below):

Early participation consideration(2)(3)

Early participation in the composition
consider

Old securities(1)

Outstanding principal

Acceptance priority

Cash consideration(3)

Early new securities considerations(4)

4.875% of notes due in 2024

1,032,618,000 USD

1

1,047.50 USD

700.00 USD

USD 347.50

4.250% of notes due in 2025

790,958,000 USD

2

USD 1,028.75

USD 600.00

USD 428.75

6.875% of notes due in 2025

USD 1,500,000,000

3

USD 1,106.25

USD 550.00

USD 556.25

4.500% notes due in 2026

1,388,047,000 USD

4

1,022.50 USD

USD 500.00

USD 522.50

6.875% of notes due in 2026

USD 3,000,000,000

5

USD 1,106.25

USD 450.00

656.25 USD

6.490% of notes due in 2027

2,360,430,000 USD

6

1,077.50 USD

USD 400.00

USD 677.50

6.500% notes due in 2027

USD 5,500,000,000

7

1,077.50 USD

USD 400.00

USD 677.50

9.500% global guaranteed bonds due 2027

102,228,000 USD

8(6)

1,190.00 USD

USD 400.00

USD 790.00

9.500% guaranteed bonds due in 2027

225,792,000 USD

1,190.00 USD

USD 400.00

USD 790.00

5.350% of notes due in 2028

USD 2,500,000,000

9

USD 1,007.50

100.00 USD

USD 907.50

6.500% notes due in 2029

USD 2,000,000,000

10

1,046.25 USD

USD 50.00

USD 996.25

6.840% of notes due in 2030

4,420,831,000 USD

11

1,046.25 USD

USD 50.00

USD 996.25

5.625% Bonds maturing in 2046

948,263,000 USD

12

USD 827.50

USD 827.50

not applicable

5.500% bonds due in 2044

793,670,000 USD

13

USD 827.50

USD 827.50

not applicable

6.350% bonds maturing in 2048

2,884,538,000 USD

14

USD 858.75

USD 858.75

not applicable

6.375% Bonds maturing in 2045

1,560,461,000 USD

15

875.00 USD

875.00 USD

not applicable

6.750% bonds due in 2047

USD 6,000,000,000

16

USD 890.00

USD 890.00

not applicable

6.950% bonds maturing in 2060

USD 3,800,000,000

17

891.25 USD

891.25 USD

not applicable

(1)

CUSIP and ISIN are listed under “Securities Code and Authorized Denominations of Old Securities” in the table below.

(2)

Include the applicable early new securities consideration (if any) and/or the applicable cash consideration for each series of old securities. Include the early participation premium for each series of old securities (i) accept the principal of new securities of $50 from priority 1 to 11 or (ii) accept cash equivalent of $50 from priority 12 to 17, in each case , Old securities for every $1,000 in principal (“Early participation premium“).

(3)

Qualified holders of old securities (see below for definitions) that have valid bids after the early participation date (see below for definitions) and on or before the expiry date (see below for definitions), and will be collected by us in accordance with the discount, where applicable arrive”Late consideration“Applicable to the related series of old securities, equivalent to the applicable early participation consideration, less Applicable early participation premium.

(4)

Pay in cash for every $1,000 in principal to effectively bid and accept old securities for exchange or purchase (if applicable) (“Cash consideration“). Qualified holders of old securities who have been effectively tendered and accepted for exchange or purchase (if applicable) will receive accrued interest in cash (if any) in addition to the consideration (defined below).

(5)

Old securities that are validly tendered and accepted for exchange per 1,000 USD principal (“New securities consideration“).

(6)

In terms of acceptance priority procedures and proportional allocation procedures, 9.500% of the global guaranteed bonds due in 2027 and 9.500% of the guaranteed bonds due in 2027 should be regarded as a single series of the same acceptance priority.

The offer is made in accordance with the terms and conditions specified in the dated offer statement December 7, 2021 (this”Quotation“, together with the relevant qualification letter, certification letter and forwarding letter,”Quotation Document“), which elaborates on the terms and conditions of the offer in more detail.

Offer will be 11:59 p.m., New York City Time in January 5, 2022 Unless PEMEX terminates or extends early (the time and date of each offer, as it may be extended with respect to such offers,”expiration date“). The old securities tendered can be withdrawn at any time before 5:00 PM, New York City Time in December 20, 2021 Unless extended, but not later.

Eligible holders of old securities bid validly on or before 5:00 PM, New York City Time in December 20, 2021 (Such dates and times may also be extended,”Early participation date“) and PEMEX accepts the exchange or purchase (if applicable) according to the offer and will receive the applicable early participation consideration reflected in the table above (“Early participation consideration“), which includes the applicable early new securities consideration (if any) and/or the applicable cash consideration for each series of old securities. The applicable early participation consideration includes the applicable early participation premium, including (i) acceptance priority 1 to 11 series of old securities, United States 50 U.S. dollars The principal of the new securities and (ii) For each series of old securities with acceptance priority levels 12 to 17, the cash amount is equal to the United States 50 U.S. dollars, In each case, each U.S. 1,000 USD The principal amount of the old securities (“Early participation premium“).

Eligible holders of old securities bidding effectively after…

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