Ex-Im Backs $1.5B Pemex Bonds For US Drilling Equipment

Law360, New York (August 29, 2013, 3:55 PM EDT) -- The U.S. Export-Import Bank said Thursday it would provide $1.5 billion in export financing to help Mexico's national oil company buy U.S. drilling equipment and services, continuing its expansion into the capital markets.

The bank will guarantee a bond offering by Petroleos Mexicanos, or Pemex, as the state-owned oil giant is known. If that ends up being too expensive — Pemex's credit ratings are just barely in investment-grade territory — the company has the option to seek direct loans from Ex-Im instead.

Pemex will use the...
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