Mexico’s Pemex announces $2 billion debt refinancing with suppliers

(Reuters) – Mexico’s heavily indebted state oil company Pemex said on Tuesday it will cover $2 billion in debt with suppliers and contractors through a peer-to-peer refinancing program that will offer the firm’s 2029 global notes with an 8.75% coupon.

Pemex said it “structured a mechanism to exchange commercial debt for financial debt, an attractive opportunity to speed up payment to suppliers and contractors.”

Suppliers and contractors with global notes will be able to obtain liquidity in the secondary market on a date agreed.

Pemex’s debt with suppliers stood at $13.5 billion at the end of the first quarter; it has for years struggled to lower these liabilities.

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