Venezuela and Argentina set price at 108 for $1.2 billion Bono del Sur III

By Aaron Hochman-Zimmerman

New York, Sept. 24 - Venezuela and Argentina announced a price of 108 for their joint Bono del Sur III, which will consist of two tranches each worth $600 million, according to a statement on the Venezuelan finance ministry website.

The Venezuelan tranche will be 7.125% TICC notes and the Argentine tranche will be 7% Boden bonds. Both are denominated in dollars, but will only be offered to local investors. They will mature in 2015.

Orders will be accepted until Friday.

Proceeds from the sale will be used to pay down existing debt.

On Aug. 17 the two countries were forced to pull a similar three-tranche $1.5 billion offering.

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