PDVSA Refinancing $1.125bn Loan

PDVSA Refinancing $1.125bn Loan

Loans

Venezuela's state-owned oil company PDVSA is looking to refinance a $1.125bn 1-year facility it took out in January. The existing financing, led by BNP Paribas, pays Libor plus 100bp, and PDVSA will look to refinance at similar terms, according to bankers close to the process. It was tightened from an initial 115bp launch following an upgrade. A bank meeting is scheduled for November 26 in New York and BNP is again leading the process. Given today's market conditions, PDVSA may find it difficult

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