Brazil's OGX Petroleo e Gas talks $2 billion offering of seven-year notes at 8½% area

By Christine Van Dusen

Atlanta, May 25 - Brazil's OGX Petroleo e Gas Participacoes SA set price talk for its planned issue of $2 billion notes due 2018 (expected ratings: B1//B+) at the 8½% area, a market source said.

The company also changed the call feature for the deal. The notes, formerly described as non-callable for three years, will now be non-callable for four years.

JPMorgan, HSBC, Credit Suisse and Itau are the bookrunners for the Rule 144A and Regulation S deal, which is expected to price on Thursday.

Proceeds will be used to fund production and development and for general corporate purposes.

OGX Petroleo e Gas is a Flamengo, Brazil-based oil and gas exploration and production company.

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