Shearman & Sterling represented Citigroup Global Markets Inc. as remarketing agent and initial purchaser in connection with the remarketing of $1.5 billion 8.750% notes due 2029 issued to certain of Petróleos Mexicanos’ (Pemex) suppliers. This innovative transaction is part of Pemex’s financing program to pay its suppliers through a mechanism to exchange commercial debt for financial debt providing liquidity to suppliers while allowing Pemex to convert short-term payables into long-term debt.

Notes issued to suppliers as part of the liability management transaction and not sold pursuant to the remarketing process may be held by the suppliers or sold in a subsequent remarketing transaction.

The Shearman & Sterling team below included associates Pedro de Elizalde and Nicolas Usandivaras (New York-Capital Markets).

The Team