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Pemex Gets $5 Billion from Government to Boost Debt Profile
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Updated on
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Mexico announces capital injection for its embattled oil firm
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Company will prepay short-term bonds, issue longer securities
Petroleos Mexicanos will use a new $5 billion capital injection from the Mexican government to improve the embattled state oil company’s debt profile by lengthening maturities.
Pemex, as the company is known, will use the funds to prepay bonds due from 2020 to 2023, issue new debt maturing in 7, 10 and 30 years and swap bonds to provide additional support, the company said in an e-mailed news release Wednesday. Mexico’s finance ministry had announced the capital injection in an earlier statement, confirming a Bloomberg News report on Tuesday.
