PDVSA issues first bonds under new securities law

October 20, 2010 6:40 AM

Hogan Lovells and D'Empaire Reyna Abogados are leading the Venezuelan side of PDVSA's recent US$3 billion bond package.

The offering opened on Monday and will close on 22 October, with D'Empaire Reyna and Davis Polk & Wardwell in the US, advising the underwriter, Citibank.

The state-owned oil company retained its regular counsel, Hogan Lovells, which includes former PDVSA legal head Luis Bottaro.

The teams also worked on a US$3 billion debt swap, which opened on 15 October and will close on 12 November.

This is the first transaction made under Venezuela's new securities law enacted in August, according to Hogan Lovells partner Bruno Ciuffetelli, meaning it required the authorisation of the new Superintendence of Securities. 'The swap of the 2011 bonds for new 2013 bonds was a challenging exercise, since these swap operations are not common in the Venezuelan market,' he adds.

We have been unable to confirm international counsel to PDVSA.

Shearman & Sterling LLP has advised Venezuela internationally on much of its capital markets work in the past, including a landmark US$5 billion issuance in 2007, which at the time was the country's biggest.

Counsel to PDVSA

Venezuela

  • Hogan Lovells
  • Partners Bruno Ciuffetelli and Gonzalo Rodriguez-Matos

Counsel to Citibank

Venezuela

  • D'Empaire Reyna Abogados
  • Partners Carlos Omaña and Fulvio Italiani

US

  • Davis Polk & Wardwell
  • Partner Maurice Blanco

 

 

(Source: Latin Lawyer)

20 October 2010

The refinery Isla on Curacao is a subsidiary of Venezuelan State owned oil giant PDVSA.

Lawyer Roeland Zwanikken considers legal action against ABN AMRO Bank

May 08, 2021 6:14 PM
THE HAGUE--Attorney-at-law Roeland Zwanikken at St. Maarten’s BZSE law office is considering legal action against the intention of the Dutch ABN AMRO Bank to close the bank accounts of its clients in the Dutch Caribbean.

Fiscaal onderzoek bij notariskantoren vinden doorgang

May 07, 2021 8:04 AM
In het Antilliaans Dagblad: Fiscaal onderzoek bij notariskantoren
WILLEMSTAD – De fiscale onderzoeken bij de notarissen vonden en vinden, ondanks de beperkingen van Covid-19, weer doorgang en de medewerking aan de kant van notarissen en adviseurs is daarbij ‘over het algemeen goed’.

Juridische miljoenenstrijd tussen BNP Paribas en Italiaanse prinses verhardt

February 22, 2021 4:51 PM
  • Bezit van Italiaanse Crociani-familie op Curaçao mag van rechter worden verkocht
  • De Crociani's ruziën al jaren met BNP Paribas over een claim van $100 mln
  • Curaçaos trustkantoor United Trust heeft 'geen enkele relatie meer' met Camilla Crociani
Een Italiaanse prinses met zakelijke belangen in Nederland heeft het onderspit gedolven bij diverse rechtbanken in een langslepend conflict met zakenbank BNP Paribas.