Mexican oil giant sells $327 mn in bondsMarch 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.
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Tags: bond issue, efe, institutional investors, latin america, mexican petroleum, mexican treasury, mexico city, monopoly, oil giant, oil producer, pemex, petroleos mexicanos, petroleum industry, private banks, proceeds, swiss francs, switzerland, term bonds