PDVSA Sells US$7.5bn in Bonds
Venezuela's state oil firm PDVSA has sold US$7.5bn in bonds with 10-30 years maturity and interest rates of 5%-plus, the company said in a statement.
PDVSA had announced plans to sell up to US$5bn before the bond issue.
"Due to high demand from investors, PDVSA is pleased to announce the increase of its bond issue to US$7.5bn, maintaining the original terms of the combined offer," the company said.
The sale breaks down as follows: US$3bn with 10-year maturity, or 40% of the offer; US$3bn (40%) with 20-year maturity; and US$1.5bn (20%) with 30-year maturity.
Each buyer will receive a combination of the three types of bonds in the above-mentioned percentages.
Bond proceeds will go to E&P efforts to expand production to 5.8Mb/d over the next five years.
The move gives PDVSA total debt of US$14.5bn, of which US$12.5bn has been contracted this year.
Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Operates 15 Offshore Rigs
Manages 26 Offshore Rigs
- Venezuela's Deteriorating Oil Quality Riles Major Refiners (Oct 20)
- Venezuela Confirms Discussing Citgo Collateral Swap With Rosneft (Oct 04)
- Venezuelans Face Growing Queues To Buy Gasoline (Sep 21)