CORRECTED-Puerto Rico sets next week's bond sale at $3 bln

Thu Mar 6, 2014 3:25pm EST

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(Corrects earlier estimates to $2.8 billion from $3.8 billion)

WASHINGTON, March 6 (Reuters) - Puerto Rico will sell $3 billion of general obligation bonds next week, according to a proposed issue announcement on Thursday, as the financially hobbled territory seeks to refinance existing debt and raise new money.

The commonwealth's legislature had authorized a sale of up to $3.5 billion, but earlier estimates of the deal's size were closer to $2.8 billion. Barclays Capital will be lead underwriter, with the bonds expected to price on Tuesday. (Reporting by Lisa Lambert; Editing by Chizu Nomiyama and James Dalgleish)