State-owned Petroleos de Venezuela (PDVSA) has closed the general syndication of its US$1.5bn trade credit facility.
China Development Bank and Banco Espirito Santo acted as initial mandated lead arrangers, coordinators and bookrunners in the deal that will be used to finance PDVSA’s general corporate purposes.
The three-year amortising trade credit facility has a nine-month grace period and carries a margin of 450 basis points over Libor.
PDVSA is the second largest oil and gas corporation in Latin America by sales, and the fourth largest in the world.
The banks involved in the deal are:
As mandated lead arrangers:
Banco Espirito Santo
China Development Bank
As senior lead arrangers:
Industrial and Commercial Bank of China
BANDES
Bank of Communications
As lead arrangers:
Agricultural Bank of China
As arranger:
Banco do Brasil
As lead managers:
Banco Nacional Ultramarino
China Minsheng Bank
FOGADE
Mercantil Commerce Bank
Banco Provincial
Banco de Comercio Exterior
Bancaribe Curacao Bank
Banco del Ornioco
Banesco
Citibank Aruba
Shanghai Pudong Development Bank
Deutsche Bank
China Postal Savings Bank
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