Experts’ predictions fail; PEMEX receives international award for debt reduction Dic 15, 2019
Dic 15, 2019
MEXICO– The public oil company, PEMEX, was awarded the “Latin American Bonus of the Year” award for the issuance of USD 7.5 billion in three tranches that was part of the refinancing and debt reduction operation of the oil company last month of September.
According to information from the International Financing Review (IFR), PEMEX was recognized internationally. The IFR, recognizes that “the transaction showed that PEMEX has real access to financial markets and helped regain the confidence of investors at a crucial time to obtain financing, which had been put at risk in recent years due to high indebtedness and low oil production.”
The publication mentions that the issuance of the bond and the liability management exercise allowed PEMEX to restructure more than $20 billion dollars. This gives Pemex space to focus on its main business, which is oil production.
The prize will be awarded during the 25th IFR Awards Ceremony, on January 28, 2020 at Grosvenor House in the city of London, United Kingdom. This event is considered the most important of the financial industry in that investment banking world executives and leaders attend the event.
For its part, the Mexican company reported this important event and expressed its commitment to rescue Pemex stressing that a new model of operational and financial management is working well. Pemex highlighted its commitment to the new model based on zero net debt, in absolute transparency in operational, and strict financial discipline.