Mexico's Pemex receives tenders of 77% of $2.948 billion notes in exchange offer

New York, Dec. 17 - Petroleos Mexicanos said holders tendered 77% of the $2.948 billion of notes covered by its exchange offer by the early participation date.

Pemex will pay a fee of $2.50 per $1,000 principal amount for those bonds. The early participation deadline was 5 p.m. ET on Dec. 15. The exchange ends at midnight ET on Dec. 21.

As announced on Nov. 17, Pemex is offering to exchange the notes on a one-for-one basis for new bonds that will be similar to the old ones except that they will be issued by Pemex Project Funding Master Trust instead of Petroleos Mexicanos.

The exchange covers:

* $250 million 9% guaranteed notes due 2007;

* $600 million 8.85% global guaranteed notes due 2007;

* $598 million 9 3/8% global guaranteed notes due 2008;

* $350 million 9¼% global guaranteed bonds due 2018;

* $250 million 8 5/8% bonds due 2023;

* $400 million 9½% global guaranteed bonds due 2027;

* $500 million 9½% putable or mandatorily exchangeable securities (POMES) due 2027.

The new issues will be 9% guaranteed notes due 2007, 8.85% guaranteed notes due 2007, 9 3/8% guaranteed notes due 2008, 9¼% guaranteed bonds due 2018, 8 5/8% guaranteed bonds due 2023, 9½% guaranteed bonds due 2027 and 9.50% guaranteed POMES due 2027.

Pemex, a Mexico City-based state-owned oil monopoly, will use the proceeds from transferring the debt to finance investments in long-term productive infrastructure projects.

Pemex Project Funding Master Trust is a Delaware statutory trust established to finance investments in infrastructure projects in Mexico.

D.F. King & Co. Inc. is the information agent (800 207-3158).

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