Brazil's Braskem gives final tender results for 11¾%, 9 3/8%, 8% notes

By Marisa Wong

Madison, Wis., April 20 - Braskem Finance Ltd. announced the results of the tender offers and consent solicitations for its $250 million of 9 3/8% notes due 2015 and the $250 million of 11¾% notes due 2014 and $275 million of 8% notes due 2017 it co-issued with Braskem SA.

As of 5 p.m. ET on April 20, the expiration date of the offers, Braskem Finance received tenders for $165,675,000 principal amount, or 66.3%, of the 11¾% notes; $84,745,000 principal amount of the 9 3/8% notes, which represents 56.5% of the outstanding 9 3/8% notes, excluding the $100 million held by an affiliate of Braskem Finance; and $144,301,000 principal amount, or 52.5%, of the 8% notes.

Braskem Finance solicited consents to eliminate substantially all of the restrictive covenants and specified events of default and related provisions. Braskem Finance said it obtained the needed consents for the proposed amendments to the notes.

For each $1,000 principal amount tendered, holders will receive $1,242.50 for the 11¾% notes, $1,220.00 for the 9 3/8% notes and $1,168.75 for the 8% notes. Each of these amounts includes a consent payment of $20.00.

The company will also pay accrued interest up to but excluding the settlement date, which is expected to occur on April 21.

The dealer managers are Citigroup Global Markets Inc. (800 558-3745 or 212 723-6108), Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) and Santander Investment Securities Inc. (212 407-0995). The information agent is D.F. King & Co., Inc. (800 628-8536 or 212 269-5550), and the Luxembourg tender agent is the Bank of New York Mellon (Luxembourg) SA (352 24 52 5320).

Braskem is a petrochemical company based in Sao Paulo.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.