By Christine Van Dusen
Atlanta, Oct. 23 - Brazil's Odebrecht Finance Ltd. priced a $450 million add-on to its 7 1/8% notes due June 26, 2042 (Baa3/BBB-/BBB-) at 116.266 to yield 5.95%, or Treasuries plus 299.5 basis points, a market source said.
The notes priced tighter than talk, set at 6% to 6.4%.
BB Securities, BNP Paribas, Banco Bradesco and Citigroup were the bookrunners for the Rule 144A and Regulation S transaction.
The original $400 million issue priced in June at 98.479 to yield 7¼%.
The notes are guaranteed by Construtora Norberto Odebrecht SA, an engineering, construction, chemical and petrochemical conglomerate based in Salvador da Bahia, Brazil.
| Issuer: | Odebrecht Finance Ltd.
|
| Guarantor: | Construtora Norberto Odebrecht SA
|
| Amount: | $450 million
|
| Maturity: | June 26, 2042
|
| Description: | Senior notes
|
| Bookrunners: | BB Securities, BNP Paribas, Banco Bradesco, Citigroup
|
| Coupon: | 7 1/8%
|
| Price: | 116.266
|
| Yield: | 5.95%
|
| Spread: | Treasuries plus 299.5 bps
|
| Trade date: | Oct. 23
|
| Settlement date: | Dec. 26
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% to 6.4%
|
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