Petroleos de Venezuela (PdVSA) will raise $3 billion in a sale of bonds, The Wall Street Journal reports. The Venezuelan oil company intends to use the net proceeds to fund investment plans and for the development of projects around the country. The company will auction the dollar-denominated securities to Venezuelan citizens and to food, healthcare, machinery and petroleum companies. The bonds carry a coupon rate of 12.75% and are due to mature in 2022.
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