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Mexican government to give Pemex $5B to repay, refinance debt

The Mexican government will give $5 billion to state-owned oil company Petróleos Mexicanos SA de CV, or Pemex, which will be used to repay and refinance debt, according to a Sept. 11 news release from Pemex.

The announcement follows an earlier report that Pemex may get help from large banks to refinance at least $5 billion of its long-term debt.

Pemex will use the cash infusion to prepay bonds that mature between 2020 and 2023 and will issue new seven-, 10- and 30-year bonds to refinance short-term debt. The company will also launch an exchange offer to provide additional support to short, intermediate and long term maturities in order to improve its amortization profile.

The state-owned company expects that investors from the U.S., Europe, Asia and Mexico will participate in the transaction.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc., HSBC Holdings PLC, Mizuho Financial Group, Crédit Agricole and Bank of America Corp. will act as book runners.