PdV pays 2020 bond debt tied to Citgo
Venezuelan state-owned PdV paid $949mn in principal and interest on a 2020 bond, the only one of its debt issuances that is not in default, financial sector executives told Argus.
The payments, which had been expected despite the company´s severe financial distress, saves PdV from potential bondholder claims on its US refining subsidiary Citgo. The payments were due on 27 October.
The bond payments include $842mn in principal and $107mn in interest.
The 2020 bond is secured by 50.1pc of the shares of Citgo´s indirect parent company PdV Holding. The other 49.9pc is pledged to Russian state-controlled Rosneft for an oil-backed loan of $1.5bn.
Citgo´s fate remains cloudy because of a separate court action by former Canadian mining company Crystallex, which is seeking to enforce an arbitration claim for the takeover of its gold mining assets in Venezuela.
PdV will owe another $71mn in interest in April 2019 and $842mn in principal in October 2019 on the 2020 bond.
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New Libyan firm starts exporting crude
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Trump taps Vance as running mate for 2024
Trump taps Vance as running mate for 2024
Washington, 15 July (Argus) — Former president Donald Trump has selected US senator JD Vance (R-Ohio) as his vice presidential pick for his 2024 campaign, elevating a former venture capitalist and close ally to become his running mate in the election. Vance, 39, is best known for his bestselling memoir Hillbilly Elegy that documented his upbringing in Middletown, Ohio, and his Appalachian roots. In the run-up to the presidential elections in 2016, Vance said he was "a never Trump guy" and called Trump "reprehensible." But he has since become one of Trump's top supporters and adopted many of his policies on the economy and immigration. Vance voted against providing more military aid to Ukraine and pushed Europe to spend more on defense. Trump said he chose his running mate after "lengthy deliberation and thought," citing Vance's service in the military, his law degree and his business career, which included launching venture capital firm Narya in 2020. Vance will do "everything he can to help me MAKE AMERICA GREAT AGAIN," Trump said today in a social media post. Like Trump, Vance has pushed to increase domestic oil and gas production and criticized government support for electric vehicles. President Joe Biden's energy policies have been "at war" with workers in states that are struggling because of the importance of low-cost energy to manufacturing, Vance said last month in an interview with Fox News. Trump made the announcement about Vance on the first day of the Republican National Convention in Milwaukee, Wisconsin, and just two days after surviving an assassination attempt during a campaign event in Pennsylvania. Earlier today, federal district court judge Aileen Cannon threw out a felony indictment that alleged Trump had mishandled classified government documents after leaving office. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Iraq's Opec+ compliance challenges are not going away
Iraq's Opec+ compliance challenges are not going away
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Trump survives apparent assassination attempt: Update
Trump survives apparent assassination attempt: Update
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