Exclusive - PDVSA eyes $4.7 billion debt issue to pay service companies

Exclusive - PDVSA eyes $4.7 billion debt issue to pay service companies
 

Venezuelan state oil company PDVSA is seeking to issue up to $4.7 billion (3.7 billion pounds) in debt securities to settle unpaid bills to contractors, according to a document seen by Reuters, as the cash-strapped firm scrambles to cope with low oil prices.
The proposal signals PDVSA's increasing reliance on complex financial engineering to make ends meet after a slump in crude output and a severely depressed economy left it struggling to tap cheaper and more traditional forms of credit.
The quiet issuance of securities known as promissory notes could dampen a recent surge in investor... read more

 
6 October 2016 in Business, Views: 39
Source: Reuters
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