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.
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