Petroleos de Venezuela sells $7.5 billion bonds under increased combined bond offering

By Caroline Salls

Pittsburgh, April 3 - Petroleos de Venezuela, SA announced the results of its combined offer for up to $7.5 billion of bonds, which was increased from $5 billion because of heightened demand, according to a company news release.

The company will issue $3 billion of its bonds due April 12, 2017 and bonds due April 12, 2027 and $1.5 billion of its bonds due April 12, 2037.

Orders for more than $100 million of the bonds were automatically reduced to $100 million, the release said.

As previously reported, the bond issue was priced at 105.5.

The bonds due 2017 will have a 5.25% coupon, the bonds due 2027 will have a 5.375% coupon and the bonds due 2037 will have a 5.5% coupon.

The bonds will be issued on April 12.

Originally, the company said it would issue up $2 billion each of the 2017 bonds and 2027 bonds and up to $1 billion of the 2037 bonds.

Proceeds will be used for capital investments.

Petroleos de Venezuela is Venezuela's state-owned oil company.

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