Mexico’s Pemex plans $22.4 billion debt swap

Mexico’s Petroleos Mexicanos said on Tuesday it will offer a swap for $22.4 billion worth of bonds maturing between 2027 and 2060 as the state oil firm seeks to manage its massive debt load. The company, known as Pemex, which had financial debts of nearly $105 billion at the end of March, announced the swap in a filing with the U.S. Securities and Exchange Commission (SEC). The document did not specify when the offer would go into effect. Pemex did not immediately respond to a request for comment. Companies often conduct debt swaps to manage financial risk. Last autumn, Pemex carried out a slew of refinancing operations worth $20.1 billion, comprising bond issuance worth $7.5 billion plus a repurchase and debt swap valued at some $8.7 billion, and another debt swap worth $3.9 billion.

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