Petróleos Mexicanos (Pemex) announced the acceptance of dollar- and euro-denominated bonds for a total amount equivalent to $9.9bn, as part of its debt repurchase operation launched in September. The state-owned company had set a cash cap for this operation, resulting in prioritised selection among securities submitted by investors.
The company confirmed it had fully accepted securities ranked from priority levels one to seven, covering maturities between 2026 and 2027, with interest rates ranging from 3.75% to 6.5%. This selection includes $2.81bn in 6.5% notes maturing in 2027 and €830.9mn ($881mn) in 4.875% bonds maturing in 2028.
Partial allocation of 2027 euro-denominated bonds
Due to high demand, Pemex partially accepted euro-denominated bonds maturing in 2027, with a total value of €1.25bn ($1.33bn). Only €550mn ($584mn) were accepted, equivalent to 57.68% of the amounts submitted, in accordance with the pro rata rules defined in the initial offer. No securities from priority levels nine to eleven were accepted.
The early tender deadline was set for September 15. All securities validly submitted before this deadline were evaluated according to the offer’s acceptance criteria, which ruled out any withdrawal rights beyond that date. Securities submitted after this period will not be eligible for purchase.
Settlement expected early October
The financial settlement for the accepted securities is scheduled for October 1. Unaccepted amounts will be promptly returned to the respective holders. This operation is part of the ongoing debt management strategy of the state-owned firm, aiming to reduce short-term interest expenses while controlling its financial commitments.
Pemex management stated that the full results of this transaction are in line with the conditions set out in the purchase offer document published earlier this month. No additional details were shared regarding a potential new wave of buybacks or restructuring.
