Pemex gets US$8 billion mega loan

Pemex gets US$8 billion mega loan Credit: iStock/BaldoT83

Cleary Gottlieb Steen & Hamilton LLP in New York has helped state-owned oil company Pemex get a loan worth US$8 billion.

Holland & Knight (Mexico) advised one of the lenders, the Industrial and Commercial Bank of China (ICBC). Shearman & Sterling LLP in New York and Ritch, Mueller, Heather y Nicolau, SC in Mexico worked with Mizuho Bank, which acted as administrative agent; and both HSBC Securities and JPMorgan Chase Bank, which acted as global coordinators. The deal was signed on 28 June.

The transaction is structured in two parts: in the first, Pemex obtained a loan facility worth up to US$2.5 billion, which it will use to refinance existing debt. In the second, it agreed a revolving credit facility for up to US$5.5 billion, which will replace other pre-existing credit lines.

The loan comes three months after the Mexican government, led by President Andrés Manuel López Obrador, announced a US$5.6 billion (107 billion pesos) federal aid package for Pemex. The state-owned oil company is also set to receive several billion dollars from Mexico’s oil revenue stabilisation fund.

Counsel to Pemex

Cleary Gottlieb Steen & Hamilton LLP

Partner Chantal Kordula, senior attorney James Corsiglia and associates Jessica Batlle, David Maranjian and Lorenz Haselberger in New York

Counsel to ICBC

Holland & Knight (Mexico)

Partners Alejandro Landa Thierry and Guillermo Uribe Lara, and associate Jorge González Carlini in Mexico City

Counsel to HSBC Securities, JPMorgan Chase Bank, and Mizuho Bank

Shearman & Sterling LLP

Partners Stuart Fleischmann, Denise Grant and Grissel Mercado, and associate Marika Mikuriya in New York

Ritch, Mueller, Heather y Nicolau, SC

Partner Jean Paul Farah Chajín, and associates Daniela Solís Navarro and Rodrigo Vázquez Sainz in Mexico City

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