PDVSA Announces Expiration and Final Results for its Offers to Exchange its Outstanding 5.250% Senior Notes due 2017 and 8.50% Senior Notes due 2017 for New 8.50% Senior Secured Notes due 2020
Petróleos de Venezuela, S.A. (“PDVSA” or the “Company”) today announced that the offers to exchange (the “Exchange Offers”) up to U.S.$5,325 million aggregate principal amount (the “Maximum Tender Amount”) of its 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”) expired at 5:00 P.M., New York City time, on October 21, 2016 (the “Expiration Date”).
As total consideration to be paid for the validly tendered Existing Notes pursuant to the Exchange Offers, PDVSA will issue an aggregate principal amount of approximately U.S.$3,367 million of New Notes on the Settlement Date, subject to rounding adjustments as set forth in the Offering Circular (as defined below) and as adjusted for any delays in processing tender instructions. As of the Expiration Date, holders of the Existing Notes have tendered approximately U.S.$2,799 million of Existing Notes, which is approximately 52.57% of theMaximum Tender Amount, or approximately 39.43% of the aggregate principal amount outstanding. The Company intends to waive any conditions to the Exchange Offers. The Settlement Date with respect to the Exchange Offers is expected to occur on October 27, 2016.
The breakdown of Existing Notes tendered in connection with the Exchange Offers, which is to be adjusted as needed for any delay in processing tender instructions, is the following:
5.250% Senior Notes due 2017
N.A. (Rule 144A)/ XS0294364103 (Regulation S)
8.50% Senior Notes due 2017
716558AB7 (Rule 144A); P7807HAK1 (Regulation S)/ US716558AB79 (Rule 144A); USP7807HAK16 (Regulation S)
The full announcement is attached. All further documents with respect to the Offer are available on:http://sites.dfkingltd.com/pdvsa.