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Pdvsa prepares to make debt payments for USD 3.1 bn

According to financial firm Torino Capital, this amount represents around one-third of the total USD 9.7 billion due to be paid this year.

  • PABLO ESCALONA

20 de marzo de 2017 09:13 AM

Actualizado el 21 de marzo de 2017 07:19 AM

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Pdvsa prepares to make debt payments for USD 3.1 bn

In March and April, the Republic, Pdvsa and Elecar must make USD 3.16 billion in capital and amortization, around one-third of the total USD 9.7 billion due to be paid this year, financial firm Torino Capital commented this week in its weekly report.

According to the think tank, a “key date” is April 12. Then, they reasoned, Pdvsa must pay USD 2.23 billion of interest and principal on the Pdvsa 5.25% 2017, 5.375% 2027 and 5.5% 2037 bonds.

“Although the market is expecting the payment to be made, the current 56% yield on the 5 Œ PDVSA 2017s suggests that concerns about a default event remain among some participants,” Torino Capital spelled out.

The firm expects that the Venezuelan oil holding will pay the April amortizations in cash. On that month, the oil company must pay USD 2.47 billion, with the remaining USD 694 million corresponding to the Republic and Elecar.

“Pdvsa still has available for use most of the USD 1.5 billion Rosneft loan signed last year, and we expect it to be able to cover the remainder of the payments from its own cash flow,” reads the Torino Capital report.

The experts remembered that Pdvsa oil sales sum to USD 2.5 billion a month, “affording it some space” to direct revenue flows to debt service payments.

“If this proves insufficient, we may see the firm receive a transfer from international reserves to complete the payment, as it has done on numerous past occasions,” experts pointed out.

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