Mexican oil giant sells $327 mn in bonds

March 14th, 2012 - 11:41 am ICT by IANS  

Mexico City, March 14 (IANS/EFE) State-owned oil giant Petroleos Mexicanos said it sold 300 million Swiss francs ($327 million) worth of bonds on the international market.

The seven-year bonds, which carry a 2.5 percent coupon, were sold in Switzerland to institutional investors and private banks.

The proceeds from the bond issue will be used to cover investment and debt refinancings, Pemex said in a statement.

Pemex had total debt of $55.95 billion at the end of 2011, with 85.9 percent in long-term bonds.

Pemex, Latin America’s largest corporation and the world’s third-largest oil producer, has a monopoly over the Mexican petroleum industry.

The state-owned corporation is the biggest source of revenue for the Mexican Treasury.

–IANS/EFE
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