PDVSA Offers Citgo Backing to Sweeten $7 Billion Bond Swap

Updated on
  • Company wants to exchange bonds due in 2017 for 2020 debt
  • PDVSA to offer new bonds at 1:1 ratio to old until Sept. 29

Venezuela’s state-owned oil company says it won’t pay bond investors any more than face value to exchange their debt for longer-maturity notes. Instead, it proposes offering half its U.S. refining arm as collateral.

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