Petrotemex Launches Tender

Petrotemex has launched a liability management operation targeting any and all of its outstanding 9.50% 2014 bonds, it says. The Mexican petrochemical company is offering holders $1,100 cash per $1,000 principal amount tendered. Holders tendering by a July 27 early tender date receive an extra $30. In the offer expiring August 10, the company is also soliciting consents to amend the indenture relating to the existing notes, eliminating all of the company’s restrictive covenants. JPMorgan is managing the process.