Petroleos de Venezuela SA PDVSA
02 January 2014
Law Debenture Trust Company of New York has been appointed as trustee for PDVSA’s new $4.5 billion note issue. PDVSA is Venezuela’s state-run oil company. They are the fifth largest oil exporter in the world and consistently maintain ready access to capital markets. PDVSA said, $3 billion of the notes will be used to pay its oil and gas field service providers and $1.5 billion will be transferred to the Central Bank of Venezuela. The company is aiming to increase oil and gas production by resolving partner company payment backlogs.