Venezuela-based PDVSA's $3 billion issue will coincide with debt swap

By Christine Van Dusen

Atlanta, Oct. 12 - Petroleos de Venezuela SA announced that its upcoming bond issue will total $3 billion due in 2017 and that investors will be allowed to buy the dollar notes in bolivars, a market source said.

The company will also undertake a coinciding debt swap of its $3 billion 2011 bonds for a new 2013 bond.

More details are expected to be included in a prospectus scheduled for release on Oct. 18.

PDVSA is a Caracas-based state-owned oil company.

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