Pequiven Launches Bond Tender

State-owned Petroquimica de Venezuela (Pequiven) has launched a cash tender offer for any and all of its $238m outstanding 8.29% of 2020 bonds issued by the FertiNitro Finance unit. The petrochemical producer is offering holders $1,049.70 per $1,000 principal plus accrued and unpaid interest if they accept by December 6, and $1,000 if creditors tender after the early bird but before expiration on December 20. Due to scheduled amortization payments, as of the date of this offer there is $952.00 in principal for each $1,000 original principal. Pequiven also notes that holders of approximately 79% of the bonds have entered into a lock-up agreement with Pequiven to tender all of their bonds on or prior to the early tender date.