Venezuela to offer minimum $250 million dual-currency bonds

New York, March 18 - The Bolivarian Republic of Venezuela announced an offering of a minimum of $250 million equivalent of dual-currency bonds.

The bonds will be sold as units made up of equal amounts of 1.15% dollar notes due Sept. 30, 2004, 18% Vebonos due Sept. 18, 2009 and 15.5% Vebonos due April 22, 2010. The dollar notes will be interchangeable with the notes issued on March 5.

Venezuela is looking to sell a minimum of 250,000 units, corresponding to $125 million of dollar notes and Bs. 240 billion of each of the Vebonos.

The sale is the second of investment units in this structure.

Competitive bids will be accepted up to 3 p.m. local time on March 24. Results will be announced on March 25.

Non-competitive bids will be taken at 106%.

J.P. Morgan Securities Ltd. in London and Merrill Lynch & Co. in New York are coordinators for the offering. The securities will not be registered with the Securities and Exchange Commission and are being sold outside the United States under Regulation S.

Proceeds will be used to refinance and restructure Venezuela's public debt.

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