By Christine Van Dusen
Atlanta, April 18 - Brazil's OAS SA priced a $500 million issue of 8 7/8% perpetual notes (B1/BB-/B+) at par to yield 8 7/8%, a market source said.
The notes priced tighter than talk, set at 9% to 9¼%.
BB Securities, Bradesco BBI, BTG Pactual, Deutsche Bank, HSBC, Itau BBA and Santander were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used for capital expenditures.
The notes are non-callable for five years and include a make-whole call at 100%.
OAS is a Sao Paulo-based infrastructure company.
| Issuer: | OAS SA
|
| Amount: | $500 million
|
| Maturity: | Perpetual
|
| Description: | Senior notes
|
| Bookrunners: | BB Securities, Bradesco BBI, BTG Pactual, Deutsche Bank, HSBC, Itau BBA, Santander
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| Call features: | Non-callable for five years; make-whole call at 100%
|
| Trade date: | April 18
|
| Settlement date: | April 25
|
| Expected ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Fitch: B+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 9% to 9¼%
|
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