Company wants to exchange bonds due in 2017 for 2020 debt PDVSA to offer new bonds at 1:1 ratio to old until Sept. 29 Venezuela’s state-owned oil company says it won’t pay bond investors any more than face value to exchange their debt for longer-maturity notes. Instead, it proposes offering half its U.S. refining arm as collateral. Petroleos de Venezuela SA will offer to swap $7 billion of bonds maturing in April and November next year for new 8.5 percent notes with payments staggered over the next four years. The new bonds will be backed by a 50.1 percent stake in Citgo Holding Inc., the unit that owns its U.S. refining arm. PDVSA is seeking to postpone debt payments after the collapse in oil prices and a decline in crude output hampered its ability to pay. Half of the $4.1 billion of bonds that mature November 2017 will be […]