Pemex to issue bonds to cover late payments

Pemex to issue bonds to cover late payments

Corporate & Sovereign Strategy Bonds Debt Fixed Income Capital Markets Mexico Oil

Mexico's state-owned oil company Pemex said Tuesday that it will issue new 8.75% 2029 bonds in the international market to cover around $2 billion in late payments to contractors and suppliers. Pemex is looking to issue new notes in exchange for commercial invoices to suppliers holding more than $5 million in invoices as part of its process to reduce debt, the company said in a press release. "This financial mechanism seeks to offer suppliers and contractors an alternative to speed up the proces

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