Pemex draws more banks to syndicated loan

Pemex draws more banks to syndicated loan

Corporate & Sovereign Strategy Debt Loans Energy Mexico US

Pemex said more than 15 banks have agreed to participate in the $8bn syndicated loan it announced last month in spite of a downgrade from Fitch Ratings. Pemex came to terms in May with HSBC, JPMorgan and Mizuho on the five-year facility with $5.5bn from two revolving credit lines and $2.5bn form a term loan at 235bp over Libor. On June 6, one day after it downgraded Mexico's sovereign ratings, Fitch cut Pemex to below investment grade, saying the government does not seeming to understand how imp

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