Pemex Arranges New $5.5 Billion Financing

Mexico’s state oil company Pemex is arranging new financing that is expected to result in a total $5.5 billion of syndicated loans. The loans will include two floating-rate loans of $1.5 billion and $2.75 billion with five and seven-year maturities respectively. Last week the company reopened two of its notes – a 10-year and a 30-year issuance, to offer a further $1.5 billion of debt. The money raised will be used for refinancing existing debt. The syndicated lending is being led by BBVA, Calyon, Citigroup, HSBC, Santander and Scotia Capital.