PDVSA Gets 18% in Swap

Bondholders agreed to swap $549.9m (18.3%) of PDVSA’s 2011 bonds in an exchange offer that closed Friday, the state-owned Venezuelan oil company says. In return for the zero-coupon 2011 bonds, PDVSA will issue $618.7m in 8.0% of 2013s. It had offered $1,125 per $1,000 if done by October 28, and $1,095 per $1,000 if done after. There are now $2.45bn 2011 bonds outstanding, PDVSA says. Citi managed the process. PDVSA also sold $3.0bn in new 8.5% 2017s last month, and is heard looking to place another $1.0bn-$1.5bn of new bonds, according to Credit Suisse.