Venezuela's PDVSA Tries to Sweeten Swap Out of $7 Billion of Debt Due Soon

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. More…