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Friday, January 20, 2017

Venezuela's PDVSA 2016 financial debt drops 6 pct to $41 bln


Venezuelan state oil company PDVSA's consolidated financial debt fell 6 percent in 2016 compared with the previous year to reach $41 billion, the company said on Friday. The decline was driven by a $1.7 billion drop in outstanding bonds and a $1.6 billion decline in outstanding loans, according to a table published by the company. It did not provide further details. PDVSA as of last year had $28.475 billion in outstanding bonds. The company in 2016 carried out a $2.8 billion bond swap that pushed the maturity of bonds coming due in 2017 to 2020. That helped ease a heavy payment schedule this year but did not significantly alter its overall debt load. Total debt at the company's U.S. subsidiary Citgo rose 3 percent from 2015 to reach $4.2 billion. More…

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