Pemex Targets October Close

Pemex is aming to close the renewal of a $1.25bn senior unsecured revolving credit facility as soon as the beginning of October, following bank meetings last week in Mexico City and this week in New York, say sources familiar with the state-owned oil producer’s plans. Citi, Credit Agricole, HSBC, JPMorgan, Mizuho and Sumitomo Mitsui are bookrunners on the deal. Pemex is rated Baa1/BBB/BBB. The unfunded transaction offers commitment fees of 45bp and lead manager tickets of $75m at 70bp, and would pay Libor+115bp if used. MLA spots were by invitation only, with BBVA joining for $100m.