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Venezuela's PDVSA offers $3 billion 12¾% notes due 2022
By Christine Van Dusen
Atlanta, Feb. 11 - Venezuela's Petroleos de Venezuela SA (PDVSA) has offered a $3 billion issue of 12¾% notes due 2022 to production businesses in Venezuela, a market source said.
"The offer of such bonds will be directed to the productive sector companies, mainly from the sectors of food, health, machinery and equipment and petroleum and natural persons residing in the Bolivarian Republic of Venezuela and supervised financial institutions," according to a statement on PDVSA's website.
With this first offer, the notes - expected to yield 12¾% - can be purchased at a rate of 4.3 bolivars to the dollar and then traded abroad in dollars.
Proceeds will be used for general corporate purposes
PDVSA is a state-owned oil company.
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