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World's Most Indebted Oil Company to Sell up to $1 Billion in Bonds

  • Mexico Deputy Finance Minister Yorio speaks in interview
  • Issuance is part of broader transaction that will reduce debt
Pemex Offshore Drilling Operations

Photographer: Susana Gonzalez/Bloomberg

Updated on

Petroleos Mexicanos will sell between $700 million and $1 billion in dollar-denominated bonds as part of a government effort to shore up the state oil giant’s finances, Deputy Finance Minister Gabriel Yorio said in an interview. 

The issuance is part of a government rescue plan announced earlier Monday that includes a $3.5 billion cash injection, which the producer will use to pay down obligations and embark on a series of bond buybacks. The overall deal will result in Pemex’s net debt falling by about $3.5 billion, Yorio said by telephone. Its total debt load is $113 billion, making Pemex the world’s most indebted oil company.