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Petroleos del Peru SA (“Petroleos”) was informed by the government that it will get the necessary financial support after the prime minister had ruled out a bailout as reported yesterday. The financial support will be related to credit line guarantees and rescheduling of its government debt, according to the company. The company is suffering from a cash squeeze after it incurred high levels of debt in building its new Talara refinery costing over $6bn. The company has also requested a credit line increase of $500mn with Banco de la Nación and state guarantees on a loan worth $650mn.
Petroleos bonds traded mixed with its 4.75% 2032s at 70.7 cents on the dollar, yielding ~10%.
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