June 27, 2019 / 10:07 PM / 4 months ago

Mexican president says Pemex secures $8 billion multi-bank loan

MEXICO CITY, June 27 (Reuters) - Mexican state oil company Pemex signed an $8 billion syndicated loan with more than 20 banks to renew credit lines and refinance liabilities, President Andres Manuel Lopez Obrador said on Thursday.

Pemex, saddled with about $106 billion in debt and facing the prospect of a costly credit rating downgrade, announced in February the financial operation, which is aimed at reducing liabilities and providing funds for investment.

Lopez Obrador said 23 banks participated, both in Mexico and abroad.

“It’s the most important operation of its kind in Mexico,” he wrote on Twitter, adding that it would strengthen Pemex during his six-year term that began last December.

Pemex has said that its net debt will not increase between 2019 and 2022, and that crude production will increase beginning this year, primarily through the development of 20 recently discovered fields. (Reporting by Ana Isabel Martinez, Daina Beth Solomon and Diego Ore; Editing by Sandra Maler)

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