Deals
Pemex Reshuffles Bonds to Buy Time for CEO’s Turnaround Plan
- Company used repurchases to extend bond maturities on debt
- Pemex total debt forecast to be $97 billion in 2016, CFO says
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Petroleos Mexicanos has turned to bond repurchases, maturity extensions and swaps to reduce shorter-term debt, Chief Financial Officer Juan Pablo Newman said.
Pemex, which had $180 billion in total debt including pension liabilities at the end of the second quarter, has completed a transaction that includes extending the maturities on some bonds and a swap valued at $5.56 billion, Newman said during a press conference in Mexico City on Monday.