December 18, 2019 / 7:54 PM / 7 months ago

Pemex issues certificates worth $264 mln in local debt market

MEXICO CITY, Dec 18 (Reuters) - Mexican state oil company Pemex has launched a five-year issue of stock exchange certificates (Cebur) worth 5 billion pesos ($264 million) as part of its 2019 refinancing efforts, according to documents and sources familiar with the operation.

The deal due to close on Thursday is to raise funds to partly cover cash used by Pemex last week to redeem Ceburs worth over 18 billion pesos ($950 million), one of the sources said.

So far this year, Pemex has spent some 36 billion pesos to redeem Ceburs, the source added.

The last time the company placed an issue in the local market was in March 2016, according to Refinitiv Eikon data.

Pemex, the world's most heavily indebted oil company, did not reply to a request for comment.

The company's financial debt reached $106 billion at the end of last year. It now stands at $99.6 billion after a series of refinancing operations this year aimed at reducing the debt burden and warding off the risk of a credit rating downgrade. (Reporting by Abraham Gonzalez and Ana Isabel Martinez; Editing by David Gregorio)

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