Ex-Im Approves $1.2 Billion in Export Financing to Mexico’s Pemex
The Export-Import Bank authorized $1.2 billion in export financing in four separate transactions to support the export of U.S. goods and services to Petroleos Mexicanos (Pemex), Mexico’s national oil and gas company. The amount includes a $200 million small-business facility,…
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which will support exports from U.S. small businesses. For the first time, Pemex will offer Ex-Im-guaranteed bond issuances to capital markets to fund the transactions. Pemex anticipates four-to-seven bond offerings that will occur from June to September 2012. In the event the funding cost is prohibitive, Pemex may exercise the option to seek Ex-Im direct loans, an Ex-Im press release said. The Bank’s approval will enable the American exporters involved, most of which are headquartered in Texas, California, and Louisiana, to supply their products, equipment and services to Pemex oil and gas projects, it said.