By Angela McDaniels
Seattle, Oct. 17 - Pemex Project Funding Master Trust announced the results of its offer to purchase any and all of six series of notes, extended the tender offer for its 5¾% notes due 2015 and cancelled its offer to purchase a portion of four series of notes.
The trust said it accepted all tenders for its 8% notes due 2011, 7 3/8% notes due 2014, 9¼% guaranteed bonds due 2018, 8 5/8% bonds due 2022, 8 5/8% guaranteed bonds due 2023 and 9½% guaranteed bonds due 2027. The tender offer ended at midnight ET on Oct. 16, and the amount of notes tendered and the purchase price are noted in the table below.
The payout for the notes was determined using the 4½% Treasury due Nov. 30, 2011 and a fixed spread of 77 basis points for the 8% notes, the 4¼% Treasury due Nov. 15, 2014 and 89 bps for the 7 3/8% notes, the 4½% Treasury due Nov. 15, 2015 and 95 bps for the 5¾% notes, the 4¾% Treasury due Aug. 15, 2017 and 105 bps for the 9¼% bonds, the 4¾% Treasury due Aug. 15, 2017 and 126 bps for the 8 5/8% bonds, the 4¾% Treasury due Aug. 15, 2017 and 142 bps for the 8 5/8% guaranteed bonds and the 5% Treasury due May 15, 2037 and 125 bps for the 9½% bonds.
Noteholders will also received accrued interest to the settlement date, which is expected to be Oct. 19.
As for the tender offer for the 5¾% notes, that will now expire at noon ET on Oct. 26.
As of the original expiration date on Oct. 16, $1.45 billion of the notes had been tendered. The tender consideration for each $1,000 principal amount of notes is $1,015.58 plus accrued interest to the settlement date, which is expected to be Oct. 31.
Finally, the trust terminated its offer to purchase a portion of its $460 million guaranteed floating-rate notes due 2009, $1.4 billion guaranteed floating-rate notes due 2010, $687 million guaranteed floating-rate notes due 2012 and $1.7 billion 7¾% guaranteed perpetual bonds.
The offer to purchase a portion of the trust's $945.4 million 8½% notes due 2008, $733.7 million 6 1/8% notes due 2008, $474.0 million 9 3/8% guaranteed notes due 2008, $912.2 million 7 7/8% notes due 2009 and $929.6 million 9 1/8% notes due 2010 remains ongoing.
Under the offer, which will expire at midnight ET on Nov. 6, the trust will purchase up to $114 million of the 8½% notes, up to $89 million of the 6 1/8% notes, up to $57 million of the 9 3/8% notes, up to $110 million of the 7 7/8% notes and up to $112 million of the 9 1/8% notes.
The payout for these notes will be determined at 10 a.m. ET on Oct. 24 using the 3 3/8% Treasury due Feb. 15, 2008 and 50 bps for the 8½% notes, the 4 1/8% Treasury due Aug. 15, 2008 and 50 bps for the 6 1/8% notes, the 4 5/8% Treasury due Nov. 30, 2008 and 50 bps for the 9 3/8% notes, the 4 7/8% Treasury due Jan. 31, 2009 and 80 bps for the 7 7/8% notes and the 4¼% Treasury due Oct. 15, 2010 and 93 bps for the 9 1/8% notes.
The payouts will include an early tender premium of $20.00 for each $1,000 principal amount of debt securities tendered by 5 p.m. ET on Oct. 23.
The trust was organized under Delaware law to finance investment projects by Petroleos Mexicanos SA de CV, a Mexico City-based state-owned oil company.
Pemex tender results to date
| Security | Amount tendered | Purchase price | Amount outstanding
|
| 8% notes due 2011 | $549.7 million | $1,107.46 | $187.7 million
|
| 7 | 3/8% notes due 2014 | $1.19 billion | $1,117.09 | $365.1 million
|
| 9¼% guaranteed bonds due 2018 | $228.2 million | $1,277.35 | $107.3 million
|
| 8 | 5/8% bonds due 2022 | $624.0 million | $1,260.31 | $160.3 million
|
| 8 | 5/8% guaranteed bonds due 2023 | $119.0 million | $1,261.32 | $121.7 million
|
| 9½% guaranteed bonds due 2027 | $354.4 million | $1,382.78 | $225.8 million
|
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