Pemex Loan Generates Interest

Mexico’s Pemex has received over $4bn worth of commitments for its $3.25bn dual-tranche loan, according to bankers not running the transaction. The deadline for commitments was last week, with signing expected by the end of October. Sizeable commitments received include a $250m commitment from Sumitomo across both tranches, a $150m ticket from Intesa for the 5-year tranche, and a $75m commitment from EDC to the 3-year tranche, according to market participants. The first tranche is a $1.25bn 3-year revolver, to refinance a loan that matured in September, for which it is offering 125bp over Libor. Bookrunners are Barclays, BBVA, Credit Agricole (admin agent) and RBS. It also wants a new money 5-year term loan for $2bn at L+150bp. BBVA (admin agent), BNP Paribas, Credit Agricole, Citi, HSBC and Inbursa are bookrunners. The revolver is to refinance a loan taken in 2007 for $1.25bn that was priced at Libor+20bp. Fees for participation in the revolver range from 25bp-60bp for $100m, $75m, $50m and $35m tickets. On the term loan, fees range from 45bp to 85bp for $150m, $100m, $75m and $50m commitments.