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NEW YORK, March 23 (IFR) - The Republic of Paraguay, rated Ba1/BB/BB, has set initial price thoughts on a US$500m 10-year bond at 5.375% area, banks leading the deal said in a note to the market on Wednesday.
Bank of America Merrill Lynch and Itau plan to price the bond on Wednesday.
Proceeds from the sale will finance infrastructure and capital expenditures, as well as refinance outstanding debt. (Reporting by John Balassi; Writing by Natalie Harrison; Editing by Jack Doran)