Tuesday, May 4, 2010

Venezuela's PDVSA Signs Deal For $1.5 Bln Loan: Chavez keeps borrowing!


CARACAS (Dow Jones)--Venezuela state oil firm Petroleos de Venezuela, or PDVSA, has signed a deal for a $1.5 billion loan in which China Development Bank Corp. and Banco Espirito Santo SA are the global coordinators and bookrunners of the facility, according to a statement from the banks.

CDB and BES are being joined by a wide group of leading international banks to provide the loan, the statement said.

The facility is a three-year amortizing trade-related term loan priced at 450 basis points over Libor, with a nine-month grace period, the statement said.

PDVSA President Rafael Ramirez indicated late last month such a loan was being arranged. At the time, he said a separate line of credit was also being worked out, but declined to provide further details.

-By Dan Molinski, Dow Jones Newswires; 58-414-120-5738; dan.molinski@dowjones.com

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