Mexico state oil firm Pemex announces bond buyback offer for a maximum amount of $9.9 billion

Mexico state oil firm Pemex announces bond buyback offer for a maximum amount of $9.9 billion

Mexico City, September 2, 2025 -- Petróleos Mexicanos (Pemex), the state-owned oil company of Mexico, has announced an offer to purchase a series of its outstanding securities for a maximum aggregate cash amount of $9.9 billion. The company aims to buy back these securities through a tender offer that will run until September 30, 2025, unless extended or terminated earlier.

The tender offer includes various series of Pemex's outstanding bonds, each with different interest rates, maturity dates, and acceptance priority levels. The table below outlines the details of the securities targeted in the offer:

| Securities | Principal Amount Outstanding | Acceptance Priority Level | Early Tender Premium | Early Tender Consideration |
|---|---|---|---|---|
| 4.500% Notes due 2026 | US$1,126,084,000 | 1 | US$970.00 | US$1,000.00 |
| 3.750% Notes due 2026 | €1,000,000,000 | 2 | €977.15 | €1,007.15 |
| 6.875% Notes due 2026 | US$2,526,854,000 | 3 | US$992.11 | US$1,022.11 |
| 5.350% Notes due 2028 | US$1,988,837,000 | 4 | US$977.50 | US$1,007.50 |
| 4.875% Notes due 2028 | €1,250,000,000 | 5 | €1,000.00 | €1,030.00 |
| 6.490% Notes due 2027 | US$1,549,022,000 | 6 | US$998.75 | US$1,028.75 |
| 6.500% Notes due 2027 | US$4,016,962,000 | 7 | US$1,002.63 | US$1,032.63 |
| 2.750% Notes due 2027 | €1,250,000,000 | 8 | €970.00 | €1,000.00 |
| 9.500% Notes due 2027 | US$265,797,000 | 9 | US$1,063.75 | US$1,093.75 |
| 6.500% Notes due 2029 | US$1,206,861,000 | 10 | US$1,003.75 | US$1,033.75 |
| 8.750% Notes due 2029 | US$1,984,688,669 | 11 | US$1,057.50 | US$1,087.50 |

The offer provides an early tender premium for securities tendered before the early tender date, which is September 15, 2025. Holders of securities tendered before this date will receive a higher consideration than those tendered after the early tender date. The offer will expire at 5:00 p.m. New York City time on September 30, 2025, unless extended or terminated earlier.

Pemex expects to settle the offer promptly following the acceptance of validly tendered securities, with an early settlement date no later than the third U.S. business day following the early acceptance date, and a final settlement date no later than the third U.S. business day following the expiration date.

The acceptance priority procedures will determine which securities are accepted for purchase first, with priority given to securities with lower acceptance priority levels. If the offer is oversubscribed, Pemex will accept securities in the order of their acceptance priority levels until the maximum cash amount is reached.

This bond buyback offer is part of Pemex's ongoing efforts to manage its debt and optimize its capital structure. The company aims to improve its financial flexibility and reduce its debt-to-equity ratio.

[1] https://www.prnewswire.com/news-releases/petroleos-mexicanos-announces-offers-to-purchase-eleven-series-of-its-securities-for-a-maximum-aggregate-cash-amount-of-us9-9-billion-302543805.html