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UPDATE 2-Venezuela says PDVSA to sell up to $5 bln in bonds

Thu Mar 22, 2007 8:00pm EDT

(Adds details on denomination in dollars, paragraph 4)

Bonds  |  IPOs

CARACAS, March 22 (Reuters) - Venezuelan state oil company PDVSA will seek offers for up to $5 billion of debt starting on Monday, Oil Minister Rafael Ramirez told Union Radio on Thursday.

"We are going to issue bonds with maturities of 10, 20 and 30 years for a total that could be as much as $5 billion," Ramirez was quoted by the station's Web site as saying.

The process of taking offers would run from March 26 to March 29, he added.

"These instruments we are going to issue are purchased in bolivars but are denominated in dollars. The interest payments are in dollars and the bond's capital will be repaid in dollars."

The bond is intended to both fund Venezuelan oil projects and soak up liquidity, which is spurring inflation.

Bonds
IPOs


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