Petrotemex Hits Majority in Tender

Mexico’s Petrotemex has received consent from holders representing $154m of its 9.50% 2014 bonds, it says, following Friday’s early acceptance deadline. The amount represents a majority. The Mexican petrochemical company is offering holders $1,100 cash per $1,000 principal amount tendered. Holders who tendered by the early 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.