Pemex Trading Extends Commitment Deadline

PMI, the trading arm of Mexico’s Pemex, has extended the deadline for commitments for its loan amendment, according to market participants. The deadline had been for last Thursday, but was extended to this week as some banks asked for more time to respond, says a banker with knowledge of the transaction. The company 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 in April. 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, have returned to lead the amended deal.