Venezuela is planning to raise $4.2 billion through a bond sale, The Wall Street Journal reports. The notes, which carry a coupon rate of 11.95%, will mature on Aug. 5, 2031. The securities will first be offered to local business and then issued abroad.

The oil-producing country will use the proceeds from the offering to fund its social programs and repay existing debt. Deutsche Bank is the lead manager on the transaction along with Evrofinance Mosnarbank.

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