The government and state oil company Petroleos de Venezuela
SA need to make $1.75 billion in debt payments this month -- including a
principal payment of $1 billion on a PDVSA bond that matures Oct. 28 -- after
payments totaling $310 million in September, according to data compiled by
Bloomberg. Investors will be keeping a
close eye on this November. If PDVSA can complete a swap of its 2017 notes in
exchange for longer-maturity securities, it could potentially reduce what it
needs to pay next month from $2.9 billion to only $896 million. The company’s
8.5 percent notes that mature in November 2017 have a $2 billion principal
payment due next month. More…
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