Petroleos Mexicanos, the state-owned oil company known as Pemex, completed a three-part, $1.3 billion refinancing of bank debt.

J.P. Morgan & Co. underwrote a $700-million bankers acceptance facility. Two separate $300-million tranches were led by Bank of America and Industrial Bank of Japan.

The BofA-led tranche is a backstop for the issuance of commercial paper in the United States, and the IBJ-led tranche is a bankers acceptance facility.

$200 Million Increase

The Morgan-led tranche was originally set at $500 million, but was subsequently increased by $200 million, reflecting strong market acceptance of the credit in the loan syndication market.

"The success of this deal is noteworthy not only because of its size, but also because of the diverse group of international banks that joined the syndicate," said Francisco Rojas, Pemex's chief executive.

Roberto Rodriguez, a vice president in Morgan's Mexico City office, said the new credit is the largest "voluntary" infusion of international bank capital in Mexico in 12 years.

Pemex is the world's fifth-largest oil company, based on reserves, output, refining capacity, and product sales by volume, Morgan said, citing Petroleum Intelligence Weekly.

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