Venezuelan state oil company Petroleos de Venezuela (PdVSA) is looking to raise $2.394 billion through a private placement of bonds to the central bank, The Wall Street Journal reports. The bonds, with Nov. 17, 2021 final maturity, have a 9 percent annual interest rate, adds Latin America Herald Tribune. The debt sale proceeds will be used for general corporate purposes comprising investment plans and social programs.

PdVSA will use the new notes to replace the existing $1.25 billion in bonds due 2013. It will also swap $564 million in debt for cash. The remaining $580 million in bonds could be transferred to other public institutions. With this bond sale, the total debt issuance from Venezuela has exceeded $17 billion.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Latin America Herald Tribune.