PDVSA - Exchange Offers Announcement of Changes

Von:

"Ken Abela" <Ken.Abela@dfkingltd.com>

An:

pdvsa <pdvsa@dfkingltd.com>

Datum:

27.09.2016 04:26:31

Petróleos de Venezuela, S.A. (“PDVSA” or the “Company”), announced today that it has decided to increase the exchange consideration paid in connection with 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”).

In addition, PDVSA announced that the aggregate maximum exchange amount of Existing Notes will be U.S.$5,325 million, or 75% of the aggregate principal outstanding amount of Existing Notes (subject to any increase by PDVSA at its sole discretion, the “Aggregate Maximum Exchange Amount”). Acceptance of tenders of Existing Notes may be subject to proration if the aggregate outstanding amount for all such Existing Notes validly tendered for exchange and not validly withdrawn would cause the Aggregate Maximum Exchange Amount to be exceeded. If proration of the tendered Existing Notes is required, PDVSA will determine the final proration factor based on the aggregate principal amount outstanding of the Existing Notes tendered,

such that the Maximum Exchange Amount will not be exceeded, as soon as practicable after

the Expiration Date.

PDVSA also announced that the Early Tender Deadline and the Withdrawal Deadline, which were originally scheduled to expire on September 29, 2016, have been extended through October 6, 2016 at 5:00 P.M. New York City Time, unless extended or earlier terminated by PDVSA at its sole and absolute discretion. The Exchange Offers for the Existing Notes are scheduled to expire at 11:59 P.M., New York City time, on October 14, 2016 (the “Expiration Date”), unless extended by PDVSA.

The full set of documents, including the Supplemental Offering Circular, can be found on the offer website (following registration): http://sites.dfkingltd.com/pdvsa

Kind Regards,

D.F. King Team

Email: pdvsa@dfkintltd.com

Website: https://sites.dfkingltd.com/pdvsa

New York:  +1 212 269 5550

London: +44 20 7920 9700

Hong Kong: +852 3953 7230