PDVSA sells remaining $1.58bn bonds
PDVSA sold the remaining $1.58 billion of dollar bonds from a $3 billion issue it started in the local market two weeks ago, a company executive said.
PDVSA, as the company is known, completed the sale yesterday, according to the official, who declined to be identified in accordance with company policy.
The oil company sold $1.42 billion of the zero coupon bonds known as “Petrobonos” on 6 July after only accepting bids that were above 175% of face value, a Bloomberg report said.
The remaining bonds were sold directly to interested banks and brokerages at a price of 190% of face value, Nelson Corrie, head trader at Caracas-based Interacciones Casa de Bolsa, said in an interview.
“I was contacted directly by PDVSA to purchase some of the remaining bonds,” Corrie said. “We already got ours and they were sold yesterday.”
PDVSA is borrowing to help pay debts to vendors.
The company’s debts to suppliers grew to over $7 billion last year after suppliers raised prices just before oil tumbled.