PEMEX Reveals Details of Upcoming Securities Repurchase Offers
PEMEX Announces Securities Repurchase Details
On September 19, 2025, Petróleos Mexicanos, commonly known as PEMEX, made a pivotal announcement regarding its upcoming repurchase of several outstanding securities. The company has disclosed expected repurchase amounts along with proration factors, linked to its earlier offers to buy back a selection of outstanding bonds.
Overview of the Offers
The total maximum cash amount set for these repurchase activities is pegged at an impressive U.S. $9.9 billion. This includes a variety of securities, which are expected to be repurchased based on their priority in the offer.
Securities Targeted for Repurchase
Here's a breakdown of the securities involved in the repurchase offers, showcasing their respective principal amounts and expected acceptance:
| Securities Type | Principal Amount Outstanding | Acceptance Priority | Principal Amount Tendered | Expected Accepted Amount |
|---|---|---|---|---|
| ------ | ------- | ----- | ------ | -------- |
| 4.500% Notes due 2026 | U.S. $1,126,084,000 | 1 | U.S. $694,201,000 | U.S. $694,201,000 |
| 3.750% Notes due 2026 | €1,000,000,000 | 2 | €532,898,000 | €532,898,000 |
| 6.875% Notes due 2026 | U.S. $2,526,854,000 | 3 | U.S. $1,491,549,000 | U.S. $1,491,549,000 |
| 5.350% Notes due 2028 | U.S. $1,988,837,000 | 4 | U.S. $1,189,743,000 | U.S. $1,189,743,000 |
| 4.875% Notes due 2028 | €1,250,000,000 | 5 | €830,923,000 | €830,923,000 |
| 6.490% Notes due 2027 | U.S. $1,549,022,000 | 6 | U.S. $1,260,291,000 | U.S. $1,260,291,000 |
| 6.500% Notes due 2027 | U.S. $4,016,962,000 | 7 | U.S. $2,815,019,000 | U.S. $2,815,019,000 |
| 2.750% Notes due 2027 | €1,250,000,000 | 8 | €907,754,000 | €550,001,000 |
| 9.500% Notes due 2027 | U.S. $265,797,000 | 9 | U.S. $182,595,000 | - |
| 6.500% Notes due 2029 | U.S. $1,206,861,000 | 10 | U.S. $571,595,000 | - |
| 8.750% Notes due 2029 | U.S. $1,984,688,669 | 11 | U.S. $1,057,210,723 | - |
As shown in the table, PEMEX will accept securities based on their assigned priority levels. Notably, due to an oversubscription at the Early Tender Date, certain securities that are tendered after this date will not be accepted, ensuring that only prioritized securities are repurchased within the stipulated cash limits.
Key Dates
The marketplace was informed that the withdrawal rights for the securities expired at 5:00 PM (New York time) on September 15, 2025, after which no securities can be withdrawn unless mandated by law. Additionally, the offer will officially conclude by 5:00 PM on September 30, 2025. PEMEX has the option to accept tenders that were validly submitted before the Early Tender Date before the expiration, contingent on meeting the offer conditions.
PEMEX intends to use the Early Settlement Right, which allows them to expedite the payment process for the accepted securities. Following the execution of the repurchase, PEMEX plans to release detailed information including the total principal amount accepted and the associated interest payments.
This announcement not only outlines PEMEX’s clear strategy for reducing its debt obligations but also reflects the company's ongoing commitment towards maintaining healthy financial practices amid fluctuating market conditions. Stakeholders and investors are encouraged to stay informed and consider these developments in their financial strategies.
For anyone looking for more assistance regarding the offer, Global Bondholder Services Corporation serves as the Tender and Information Agent and can be reached for any inquiries.
In conclusion, this repurchase offer marks a strategic maneuver by PEMEX to enhance its fiscal management and investor relations, spotlighting an eagerness to navigate the complexities of the securities market efficiently and effectively.
Topics Financial Services & Investing）
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