PDVSA Bonds Gain After Swap Deadline Extended Once Again
- New early tender deadline will be Monday; terms remain same
- Company is seeking to extend debt maturities with bond swap
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Petroleos de Venezuela SA bonds closed higher Thursday, reverting earlier losses after the company extended the deadline on its planned $5.3 billion debt swap for a second time without offering investors any extra incentive to take part.
PDVSA’s bonds due in April 2017 gained 0.03 cent to 81.87 cents on the dollar at the end of trading in New York after earlier falling as much as 1.44 cent. The bonds due November 2017 rose 0.43 cent to 86.6 cents per dollar. The company announced the swap a month ago, then sweetened the terms in late September to persuade investors to sign up for the deal as demand for the offer fell short.