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Pemex has refinanced and renewed about $8.3bn in revolving credit lines from banks including BBVA, JPMorgan Chase and Citigroup. Pemex received a $6.5bn tranche comprising of a 3Y term loan and a 3Y revolving credit facilities from Scotiabank, SMFG, BBVA, Citi and JPMorgan, as per a source. A second tranche of $1.8bn they received from HSBC, BNP Paribas and others involved a six-month loan and a revolver, the source added. Bloomberg notes that the above refinancing comes as a mechanism for Pemex to help improve its credit profile amid a total debt $106bn as of end-September.
Pemex’s dollar bonds were trading weaker with its 5.35% 2028s down 0.5 points to 83.07, yielding 10.47%.
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