PDVSA Again Extends Bond Swap Deadline

Venezuelan state oil company PDVSA said on Wednesday night it was again extending a deadline for a bond swap to Oct. 17 from Oct. 12.

The cash-strapped company had already extended the first deadline earlier this month and said that bondholder participation was below a key threshold.

PDVSA last month offered to swap $7.1 billion in outstanding issues for a new bond, backed by its U.S. subsidiary Citgo Holding Inc, to boost its cash-strapped coffers.

But the proposal drew market scepticism, so the Caracas-based company late last month sweetened the terms, offering more 2020 bonds in exchange for bonds maturing in 2017.

Reporting by Alexandra Ulmer