MEXICO CITY, July 24 (Reuters) - Mexico’s national oil company Pemex said on Monday that recent bond placements totaling about $5 billion would cover its minimum financing needs through the end of 2018.
Petroleos Mexicanos, as the company is formally known, said on Sunday it had successfully reopened two long-term bonds to raise about $5 billion, and would use some of the proceeds to repurchase debt expiring over the next two years.
Petroleos Mexicanos said in a statement the operations would consolidate its financial liquidity and diversify its sources of financing.
The bonds reopened mature in 10 and 30 years, when they will pay a return of 5.75 percent and 6.90 percent, respectively.
Pemex has been battling heavy debt and faces increased competition from private firms after a sweeping opening up of the energy industry was finalized in 2014 and ended the company’s decades-long monopoly.
President Enrique Pena Nieto, who appoints the chief executive of the Mexican oil company, will end his six-year term in November 2018. (Reporting by David Alire Garcia; Editing by Richard Chang)