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Report: Pemex prepays $5.17B of bonds with help from Mexican government

Petróleos Mexicanos SA de CV, or Pemex, settled about a third of its bonds worth $5.17 billion following a $5 billion cash infusion from the Mexican government, Reuters reported Sept. 23.

The bonds were scheduled to mature between 2020 and 2023 and were rated as junk by Fitch.

The bonds' accrued and unpaid interest was also paid for $34.07 million.

Citigroup Global Markets, Goldman Sachs, HSBC Securities USA, J.P. Morgan Securities, BofA Securities, Credit Agricole Securities (USA) and Mizuho Securities USA served as dealer managers for the transactions.

Pemex CEO Octavio Romero said the company will hike production to 1.778 million barrels per day by December, Reuters reported Sept. 24.