Petroleos de Venezuela prices $5 billion combined bond offer at 105.5

By Caroline Salls

Pittsburgh, March 26 - Petroleos de Venezuela SA priced its combined up to $5 billion international bond issue at 105.5 Monday, according to a company news release.

In addition, PDVSA announced that the bonds due 2017 will have a 5.25% coupon, the bonds due in 2027 will have a 5.375% coupon and the bonds due in 2037 will have a 5.5% coupon.

As previously reported, the offer will expire Thursday, results of the offer will be announced on April 2 and the bonds will be issued on April 12.

The company will issue up $2 billion each of the 2017 bonds and 2027 bonds and up to $1 billion of the 2037 bonds.

The 2017 bonds will mature on April 12, 2017; the 2027 bonds on April 12, 2027; and the 2037 bonds on April 12, 2037.

Proceeds will be used for capital investments.

Petroleos is Venezuela's state-owned oil company.

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