Hamaca pays down $740 million of bank debt

By Angela McDaniels

Tacoma, Wash., Dec. 17 - All the outstanding senior debt of the Hamaca heavy oil project in the Faja region of Venezuela has been prepaid, according to a Petróleos de Venezuela, SA news release.

The senior debt consisted of a syndicated bank credit facility, with BNP Paribas as administrative agent, and a bank credit facility guaranteed by the Export-Import Bank of the United States, with Barclays Bank as facility agent.

The debt was prepaid in two payments: $400 million of principal repayment plus interest on Nov. 30 and $340 million of principal repayment plus interest on Friday.

The payments were made with project funds from Corpoguanipa, SA, a wholly owned subsidiary of PDVSA, and Texaco Orinoco Resources Co., a wholly owned subsidiary of Chevron Corp.

PDVSA is Venezuela's state-owned oil company.

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