Pemex Trading Unit to Amend Loan

PMI, the trading arm of Mexico’s Pemex, is looking to upsize a 3-year syndicated loan from the $500m originally taken out in January 2010 to $700m, according to market participants. Pricing is heard to be 125bp over Libor, say bankers with knowledge of the transaction. The original deal priced at Libor plus 225bp. Bank meetings were held in New York yesterday. Existing lenders were given the option of increasing their tickets and new banks were also invited. Around 30 banks are said to have attended the meeting. BBVA, Calyon, Natixis, RBS and SocGen, which were the leads on the original deal, are returning to lead the amended deal. Commitments are due within the next two and a half weeks.