PDVSA in US$4.5 billion issuance

Hogan Lovells LLP in Caracas and New York has helped Venezuela’s state-owned oil company Petróleos de Venezuela (PDVSA) issue US$4.5 billion in notes.
Structuring agents Citigroup Global Markets and Evrofinance Mosnarbank were advised by Davis Polk & Wardwell LLP and D'Empaire Reyna Abogados.
A portion of the sum (US$1.5 billion) was offered through direct and private placement with the Central Bank of Venezuela, while the remaining US$3 billion was issued to PDVSA suppliers. The funds will be used for general corporate purposes and to finance investment projects by PDVSA.
It’s not the first time these three firms have teamed up for a PDVSA bond issuance – in May 2012 they all participated in a US$3 billion offering by the oil company.
Counsel to PDVSA
Hogan Lovells LLP
Partners Gonzalo Rodriguez-Matos and Bruno Ciuffetelli and associates Marianna Boza and Tabata Freitez in Caracas and partner Evan Kostner and associate David Tayler in New York
Counsel to Citigroup Global Markets and Evrofinance Mosnarbank
Davis Polk & Wardwell LLP
Partners Maurice Blanco and Samuel Dimon, counsel Katia Brener and associates Elliot de Carvalho, Sam Van Peperstraete and Kelli Luebben in New York
D'Empaire Reyna Abogados
Partner Carlos Omaña and associate Amanda Arcaya in Caracas
The refinery Isla on Curacao is a subsidiary of Venezuelan State owned oil giant PDVSA.

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