Bondholders Approve PDVSA Finance's US$2.6bn Tender

The financial unit of Venezuela's state oil company PDVSA received the consent of some 96% of bondholders by July 12 for a cash tender to repurchase some US$2.6bn in outstanding bonds, PDVSA Finance said in a statement Tuesday.

The tender launched June 28 was conditioned upon receiving a majority consensus from its shareholders to amend provisions of several bonds that were offered under the senior indenture. The nine sets of bonds have maturing dates ranging from 2006 to 2028.

The tender offer is scheduled to close on July 26, and PDVSA Finance will settle payments August 2.

JP Morgan-Chase is advising PDVSA Finance on the transaction. Deutsche Bank is acting as an underwriter, a bank official told BNamericas.

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