Pemex gets US$8 billion mega loan
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