11
Oct

Petróleos Mexicanos Announces Final Results And Final Settlement Of Its Previously Announced Private Exchange Offers

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Petróleos Mexicanos (“PEMEX”) announced today the final results of its previously announced offers to exchange any and all of its outstanding series of securities set forth in the table below (collectively, the “Any and All Securities,” and such offers, the “Any and All Offers”).
The Any and All Offers were made on the terms and subject to the conditions set forth in the Exchange Offer Statement, dated September 12, 2019 (the “Exchange Offer Statement” and together with the related eligibility letter and the letter of transmittal, the “Offer Documents”).
The Any and All Offers expired at 11:59 p.m., New York City time, on October 9, 2019 (the “Expiration Date”) and are expected to settle on October 11, 2019 (such date and time, as the same may be extended, the “Final Settlement Date”).

Pursuant to the Any and All Offers, (i) tendering holders of the Any and All Securities described in the table below under the heading “Group A” had the option to receive either 6.490% Notes due 2027 (the “New 2027 Notes”) or 7.690% Bonds due 2050 (the “New 2050 Bonds”) as exchange consideration, and (ii) tendering holders of the Any and All Securities described in the table below under the heading “Group B” had the option to receive either 6.840% Notes due 2030 (the “New 2030 Notes”) or New 2050 Bonds, as exchange consideration. The New 2027 Notes, the New 2030 Notes and the New 2050 Bonds are collectively referred to as the “New Securities.”

The following table summarizes the final results for the Any and All Offers as of the Expiration Date and the principal amount of each series of Any and All Securities that PEMEX has accepted for exchange:

Group

Series of Any and All Securities

Principal Amount
Outstanding(1)

Principal Amount Tendered
on or prior to the Early
Participation Date and
Accepted for Exchange(2)

Principal Amount Tendered
After the Early Participation
Date and on or prior to the
Expiration Date and
Accepted for Exchange

Group A

4.875% Notes due 2022

U.S. $1,738,399,000

U.S. $940,618,000

U.S. $7,698,000

8.625% Bonds due 2022

U.S. $142,929,000

U.S. $53,310,000

U.S. $10,000

Floating Rate Notes due 2022

U.S. $903,030,000

U.S. $334,442,000

U.S. $120,000

5.375% Notes due 2022

U.S. $1,264,823,000

U.S. $654,668,000

U.S. $500,000

Group B

3.500% Notes due 2023

U.S. $1,755,147,000

U.S. $389,985,000

U.S. $4,247,000

4.625% Notes due 2023

U.S. $1,635,356,000

U.S. $612,735,000

U.S. $3,050,000

8.625% Guaranteed Bonds due 2023

U.S. $131,003,000

U.S. $58,982,000

U.S. $20,000

4.875% Notes due 2024

U.S. $1,500,000,000

U.S. $466,787,000

U.S. $595,000

4.250% Notes due 2025

U.S. $1,000,000,000

U.S. $208,769,000

U.S. $273,000

(1) Principal amount outstanding immediately prior to the Early Settlement Date (as defined below).
(2) Early settlement with respect to the Any and All Securities validly tendered on or prior to the early participation date of 5:00 p.m., New York City time, on September 25, 2019 (the “Early Participation Date”) and accepted for exchange occurred on September 27, 2019 (the “Early Settlement Date”).

On the terms and subject to the conditions set forth in the Exchange Offer Statement, as exchange consideration for Any and All Securities validly tendered after the Early Participation Date and on or prior to the Expiration Date and accepted for exchange, PEMEX will issue U.S. $8,198,000 aggregate principal amount of New 2027 Notes, U.S. $7,245,000 aggregate principal amount of New 2030 Notes and U.S. $617,000 aggregate principal amount of New 2050 Bonds. The total amount of accrued and unpaid interest to be paid by PEMEX on the Final Settlement Date, together with the total amount of cash to be paid by PEMEX in lieu of fractional amounts of New Securities, will be approximately U.S. $98,137.21.

The Any and All Offers have now expired. No Any and All Securities tendered after the Expiration Date will be accepted for exchange pursuant to the Any and All Offers. Any and All Securities that have been validly tendered cannot be withdrawn, except as may be required by applicable law.

The New Securities issued as exchange consideration pursuant to the Any and All Offers will be further issuances of, and will be consolidated, form a single series and be fully fungible with, the outstanding 6.490% Notes due 2027, 6.840% Notes due 2030 and 7.690% Bonds due 2050, respectively, issued by PEMEX on September 23, 2019 (collectively, the “New Money Securities”) and on the Early Settlement Date (the “Early Settlement Securities”). Considering the aggregate principal amount of New Money Securities and Early Settlement Securities outstanding prior to the Final Settlement Date, the aggregate principal amount outstanding of 6.490% Notes due 2027, 6.840% Notes due 2030 and 7.690% Bonds due 2050 after the Final Settlement Date will be U.S. $2,360,430,000 aggregate principal amount of 6.490% Notes due 2027, U.S. $4,420,831,000 aggregate principal amount of 6.840% Notes due 2030 and U.S. $8,066,405,000 aggregate principal amount of 7.690% Bonds due 2050.

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