MEXICO CITY, Sept 17 (Reuters) - Mexico will inject
nearly $14 billion into highly indebted state oil company Pemex
after it raised funds through two recent bond issuances on
international markets, the nation's finance ministry said on
Wednesday.
The
dollar-denominated
and
euro-denominated
bond issues will largely go toward
buying back $9.9 billion worth of Pemex bonds
, the finance ministry said, after that buyback closed early
because demand exceeded the offer.
This will "smooth out" Pemex's debt maturity profile,
the ministry said, as the state company had payments coming due
in 2026 and 2027.
Pemex is one of the world's most heavily indebted energy
companies, with nearly $100 billion in financial debt and some
$22 billion owed to suppliers and contractors.
In August, the government
rolled out a sweeping plan
to end its handouts for the company by 2027.
"The transactions will equivalently reduce Pemex's
previously contracted foreign currency obligations, in order to
stabilize the public company's debt at a level that will allow
it to strengthen its credit and liquidity profile while reducing
its financing costs," the ministry said in a statement.