October 13, 2016 / 2:18 AM / a year ago

Venezuela PDVSA again extends bond swap deadline

CARACAS, Oct 12 (Reuters) - 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; Editing by Bill Rigby)

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