UPDATE 1-Brazil's Cielo to issue debt to pay for stake in card venture
December 17, 2014 at 15:35 PM EST
SAO PAULO, Dec 17 (Reuters) - Cielo SA, Brazil's largest card payment processor, agreed on Wednesday to issue 3.46 billion reais ($1.27 billion) in local debt to pay for the purchase of a 70 percent stake in a credit card joint venture with state-controlled lender Banco do Brasil SA.