Petroleos de Venezuela announces $2.4 billion exchange note issuance

By Caroline Salls

Pittsburgh, Nov. 14 - Petroleos de Venezuela SA (PDVSA) announced a $2.4 billion issuance of 9% exchange notes due Nov. 17, 2021, according to a news release.

The company said it will privately exchange up to $1.256 billion of its notes due 2013 for the new notes as part of its ongoing strategy for administering upcoming maturities and its debt profile.

In addition, PDVSA will deliver up to the equivalent of $564 million of the notes to the Venezuela Central Bank in exchange for cash.

Proceeds will be used for general corporate purposes, including funding PDVSA's investment plan and contributing to projects and social development programs.

Petroleos de Venezuela is a Caracas, Venezuela, state-owned petroleum company.

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