|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Venezuela (Click here for more Venezuela news)

Venezuela's PDVSA Tries to Sweeten Swap Out of $7 Billion of Debt Due Soon
PDVSA Announces Changes in Consideration Paid as a Result of the Exchange Offers, the Extension of the Early Tender Deadline and the Withdrawal Deadline of its Offers to Exchange its Outstanding 5.250% Senior Notes due 2017 and 8.50% Senior Notes due 2017 for New 8.50% Senior Secured Notes due 2020

CARACAS -- Petróleos de Venezuela, S.A. (“PDVSA” or the “Company”), announced today that it has decided to increase the exchange in consideration paid as a result of the offers to exchange (the “Exchange Offers”) of up to U.S.$5,325 million aggregate principal amount of PDVSA’s outstanding 5.250% Senior Notes due 2017 (the “April 2017 Notes”) and 8.50% Senior Notes due 2017 (the “November 2017 Notes,” and together with the April 2017 Notes, the “Existing Notes”) for new 8.50% Senior Secured Notes due 2020 (the “New Notes”).  

The Total Exchange Consideration on or prior to Early Tender Deadline and the Exchange Consideration after the Early Tender Deadline have been increased by U.S.$170.00 for every U.S.$1,000 principal amount validly tendered and accepted with respect to the April 2017 Notes, and the Total Exchange Consideration on or prior to Early Tender Deadline and the Exchange Consideration after the Early Tender Deadline have been increased by U.S.$220.00 for every U.S.$1,000 principal amount validly tendered and accepted with respect to the November 2017 Notes.

In addition, PDVSA announced that the aggregate maximum exchange amount of Existing Notes will be U.S.$5,325 million, or 75% of the aggregate principal outstanding amount of Existing Notes (subject to any increase by PDVSA at its sole discretion, the “Aggregate Maximum Exchange Amount”).

Acceptance of tenders of Existing Notes may be subject to proration if the aggregate outstanding amount for all such Existing Notes validly tendered for exchange and not validly withdrawn would cause the Aggregate Maximum Exchange Amount to be exceeded.  

PDVSA also announced that the Early Tender Deadline and the Withdrawal Deadline, which were originally scheduled to expire on September 29, 2016, have been extended through October 6, 2016 at 5:00 P.M. New York City Time, unless extended or earlier terminated by PDVSA at its sole and absolute discretion.  The Exchange Offers for the Existing Notes are scheduled to expire at 11:59 P.M., New York City time, on October 14, 2016 (the “Expiration Date”), unless extended by PDVSA.

The Exchange Offers are being made pursuant to the Offering Circular dated September 16, 2016 (the “Offering Circular”) and its Supplement dated September 26, 2016 (the “Supplement”), which sets forth more fully the terms and conditions of the Exchange Offers.

The consummation of the Exchange Offers are subject to the conditions set forth in the Offering Circular and the Supplement, including, among others, the valid tender, without subsequent withdrawal, of at least 50% of the aggregate principal amount of the Existing Notes. PDVSA may, at its sole discretion, waive such condition and other conditions that it may assert or waive.   

PDVSA Supplemental Offering Circular 26 Sept 2016 by Latin American Herald Tribune on Scribd

PDVSA 2017 into 2020 Exchange Offer - OC - 16 August 2016 by Latin American Herald Tribune on Scribd


 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2015 © All rights reserved