MEXICO CITY, November 7 /PRNewswire/ --
Pemex Project Funding Master Trust (the "Master Trust") announced today the results of its previously announced offers to purchase (the "Partial Tender Offers") for cash a portion of the outstanding principal amounts of certain series of its outstanding debt securities issued by the Master Trust, on the terms and subject to the conditions set forth in its offer to purchase dated October 10, 2007 (the "Partial Tender Offer to Purchase") and the accompanying letter of transmittal. The Partial Tender Offers expired at 12:00 Midnight, New York City time, on November 6, 2007. Capitalized terms used but not defined herein shall have the meanings set forth in the Partial Tender Offer to Purchase.
On October 17, 2007, the Master Trust announced that it was terminating the Partial Tender Offers with respect to four series of securities originally included therein. On October 24, 2007, the Master Trust announced that it was amending the Principal Purchase Amounts and extending the Early Tender Time (as defined in the Partial Tender Offer to Purchase) for its 6.125% Notes due 2008, 9 3/8% Guaranteed Notes due 2008 and 9.125% Notes due 2010 included in the Partial Tender Offers to 5:00 p.m., New York City time, on October 25, 2007. The following table sets forth the outstanding principal amount of each series of Fixed Rate Securities included in the Partial Tender Offers, the aggregate principal amount of each such series that had been tendered and not withdrawn as of 12:00 Midnight, New York City time, on November 6, 2007, the amended Principal Purchase Amount for each such series and the approximate proration factor for each such series. Tenders of Fixed Rate Securities of each series are prorated to the extent that they exceed the Principal Purchase Amount for such series.
(All amounts in US dollars). Aggregate Principal Amount Amended Outstanding Tendered Principal Approximate Fixed Rate Securities Principal and Not Purchase Proration Series of Securities Amount Withdrawn(1) Amount(2) Factor(1) 8.50% Notes due 2008 $945,405,000 $586,945,000 $114,000,000 19.4226% 6.125% Notes due 2008 $733,675,000 $455,682,000 $440,000,000 96.5586% 9 3/8% Guaranteed Notes due 2008 $474,023,000 $353,051,000 $175,000,000 49.5679% 7.875% Notes due 2009 $912,154,000 $579,752,000 $110,000,000 18.9736% 9.125% Notes due 2010 $929,618,000 $477,585,000 $376,024,000 78.7345% (1) As of 12:00 Midnight, New York City time, on November 6, 2007; subject to revision while the Depositary reconciles letters of transmittal with tenders of securities. (2) Subject to rounding upon the terms and conditions described in the Partial Tender Offer to Purchase.
The Master Trust determined and announced the Reference Yield, Tender Offer Yield, Total Consideration and Tender Offer Consideration (as each such term is defined in the Partial Tender Offer to Purchase) with respect to each series of debt securities included in the Partial Tender Offers on October 24, 2007.
Holders participating in the Partial Tender Offers must have tendered their securities before the Partial Tender Expiration Time to receive the tender offer consideration. Holders of 8.50% Notes due 2008 and 7.875% Notes due 2009 who tendered their debt securities before 5:00 p.m., New York City time, on October 23, 2007, the Early Tender Time for those series, will also receive an early tender premium of US$20 per US$1,000 principal amount of debt securities tendered. Holders of 6.125% Notes due 2008, 9 3/8% Guaranteed Notes due 2008 and 9.125% Notes due 2010 who tendered their debt securities before 5:00 p.m., New York City time, on October 25, 2007, the Early Tender Time for those series, will also receive an early tender premium of US$20 per US$1,000 principal amount of debt securities tendered.
The Master Trust will pay the applicable prorated Purchase Amount for the securities listed above plus accrued and unpaid interest on the securities purchased, up to but not including the settlement date by the deposit with Deutsche Bank Trust Company Americas, the Depositary, of immediately available funds in cash on November 9, 2007, the settlement date for the series listed above, or as soon as practicable thereafter.
Copies of the materials relating to each of the Partial Tender Offers may be obtained from D.F. King & Co. Inc., as information agent, at 48 Wall Street, New York, New York 10005, telephone in the U.S. toll free +1-800-431-9633 and outside the U.S. (collect) +1-212-269-5550, or from either of the dealer managers.
Credit Suisse Securities (USA) LLC (telephone +1-800-820-1653 (toll free inside the United States) or +1-212-538-0652 (collect outside the United States)) and Deutsche Bank Securities Inc. (telephone +1-866-627-0391 (toll free inside the United States) or +1-212-250-2955 (collect outside the United States)) are acting as dealer managers for each of the tender offers described above.
The Master Trust is a Delaware statutory trust organized under Delaware law to finance investment projects by Petroleos Mexicanos, the Mexican Government oil company, and its four subsidiary entities, Pemex-Exploracion y Produccion, Pemex-Refinacion, Pemex-Gas y Petroquimica Basica and Pemex-Petroquimica.
This communication does not constitute an invitation to participate in the tender offers in or from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such offers under applicable securities laws or otherwise.
The distribution of materials relating to the Partial Tender Offers, and the contemplated transactions, may be restricted by law in certain jurisdictions. The Master Trust is making the Partial Tender Offers only in those jurisdictions where it is legal to do so. The Partial Tender Offers are void in all jurisdictions where they are prohibited. If materials relating to the Partial Tender Offers come into your possession, you are required by the Master Trust to inform yourself of and to observe all of these restrictions.
Tom Long of D.F. King & Co., Inc., +1-212-269-5550, for Pemex Project Funding Master Trust