The Mexican government on Monday announced measures to ease state oil firm Pemex...
MEXICO CITY - The Mexican government on Monday announced measures to ease state oil firm Pemex’s debt woes, including $2.5 billion in debt refinancing plus the renewal of credit lines with three banks and a gradual tax cut.
Mexican President Andres Manuel Lopez Obrador said during his regular morning news conference that the agreement lengthens by two years what had been a three-year revolving line of credit. He made the announcement flanked by executives from JPMorgan Chase & Co, HSBC Holdings Plc and Mizuho Financial Group Inc.“This is a fund that will be used if necessary, depending on the circumstances,” said Lopez Obrador, referring to the line of credit.
The interest rate on the credit line is Libor plus 235 basis points. Using the three-month Libor, the rate would be 4.868% based on Monday’s 3-month fixing at 2.518%, according to Reuters data.
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