Lacking Participants, Venezuela's PDVSA Extends Swap Out of $7 Billion of Debt Due Soon

Petróleos de Venezuela, S.A. (“PDVSA” or the “Company”) today announced the extension of the Early Tender Deadline 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”).More…