Pequiven Gets Nearly All in Tender

Petroquimica de Venezuela (Pequiven) is set to repurchase $247.6m in outstanding 8.29% 2020 bonds following the close of a tender offer, it says, or 99% of the $250m original face value amount. Most of the bonds were tendered prior to the December 6 early tender date. The petrochemical producer paid accepting holders $1,049.70 per $1,000 principal if they accepted by December 6, and $1,000 if after. Due to scheduled amortization payments, as of the November 22 launch date, there was $952.00 in principal for each $1,000 original principal, meaning about $238m needs to be spent in the buyback.