| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2016 > News item |
PDVSA offers 8½% senior secured notes for 5¼% notes, 8½% notes
New York, Sept. 16 – Petroleos de Venezuela, SA announced an exchange in which it is offering new 8½% senior secured notes due 2020 for its $3 billion of 5¼% senior notes due 2017 and its $4.1 billion of 8½% notes due 2017.
In each case, PDVSA is offering $1,000 principal amount of new notes for each $1,000 principal amount of existing notes.
The consideration includes an early tender premium of $50 per $1,000 that will only be distributed to holders who submit their notes by 5 p.m. ET on Sept. 29.
The exchange ends at 11:59 p.m. ET on Oct. 14.
The new notes will be secured by a first priority security interest on 50.1% of the capital stock of Citgo Holding, Inc. and unconditionally and irrevocably guaranteed by PDVSA Petroleo, SA.
Principal on the new notes will be paid annually in four equal installments, starting one year after settlement.
Completion of the exchange is subject to at least 50% of the existing notes being tendered.
D.F. King & Co., Inc. (https://sites.dfkingltd.com/pdvsa, 800 431-9646, 212 269-5550, +44 20 7920 9700 or pdvsa@dfkingltd.com) is information agent and exchange agent.
PDVSA is a Caracas, Venezuela-based oil and gas company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.