A consortium of eight banks is backing a $5 billion deal for Mexican oil company Petróleos Mexicanos. The deal comprises a five-year, $1.5 billion "A" term loan; a seven-year, $2.75 billion term loan "B" and a three-year, $1.25 billion revolving credit facility. Pricing on the tranches could not be determined. The deal, which includes ABN Amro, Banc of America Securities, Barclays Capital, BNP Paribas, Citigroup, HSBC, Scotia Capital, and Société Générale launched last Wednesday.
Petróleos Mexicanos operations, which are spread throughout Mexico, include exploration, refining, production and petrochemicals. The government-owned oil company is responsible for almost one-third of the Mexican government's revenue, including 7% of its export earnings. Calls to ABN Amro, B of A, Barclays, Scotia Capital and Citigroup were not returned. Bankers at BNP and SG declined comment. Calls to PM were not returned.