Pemex Trading Closes Loan at $1bn

PMI has closed its 3-year syndicated loan amendment for $1bn, according to market participants. The trading arm of Mexico’s state-owned oil company, Pemex, had originally planned to upsize and amend a 3-year syndicated loan from $500m to $700m, then said it would be upsized to $900m, say market participants. Pricing is heard to be Libor+ 125bp, say bankers with knowledge of the transaction. The original deal priced in June 2010 at Libor+ 225bp. BBVA, Calyon, Natixis, RBS and SocGen, who were the leads on the original deal returned to lead the amended deal. The other participating banks were Banamex, Banco Nacional de Comercio Exterior (Bancomext), Bank of New York, Bayern LB, BNP Paribas, Caja de Ahorros y Monte de Piedad de Miami, Comercia, DZ Bank, EDC, HSBC, Intesa, JP Morgan, Mizuho, Nova Scotia, and SMBC.