PDVSA swaps 39.4 percent of 2017 bonds

Venezuelan state oil company Petróleos de Venezuela (PDVSA) announced on 24 October 2016 that it swapped US$2.798 billion in bonds set to expire in 2017 for US$3.367 billion in bonds maturing in 2020, backed by a 50.1 percent stake in PDVSA's U.S. subsidiary Citgo. Although PDVSA originally sought to swap at least half of US$7.1 billion in 2017 bonds, the oil company settled for swapping 39.4 percent of the notes on offer (La Patilla). The debt swap, which takes effect on 27 October, alleviates PDVSA from payments of approximately US$1.8 billion between November 2016 and November 2017 (Panorama).