BOGOTA, May 28 (Reuters) - Colombia telecommunications company Coltel, a subsidiary of Spain’s Telefonica, said it will issue up to 500 billion pesos ($149 million) in bonds on the local market on Wednesday.
Funds raised will be used to pay debt, Coltel, which is partially owned by the Colombia government, said in a statement on Tuesday.
The company will offer five- and ten-year paper with yields tied to inflation plus an additional margin, it said.
The government said in August it was seeking to sell its minority participation in Coltel, which operates under the brand name Movistar.
$1 = 3,358.84 Colombian pesos Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb Editing by Chizu Nomiyama