Brazil's Schahin Oil plans benchmark dollar-denominated note offering

By Paul A. Harris

Portland, Ore., Feb. 7 - Brazil's Schahin Oil & Gas Ltd. is in the market with a benchmark offering of seven-year senior notes (expected ratings /BB+/BB-), according to market sources.

Citigroup is the left bookrunner for the deal, which is being run on the emerging markets desk but is expected to generate at least a modicum of interest among high-yield accounts, sources say.

Deutsche Bank, HSBC and Mizuho are also joint bookrunners.

The Rule 144A and Regulation S for life notes come with four years of call protection.

The Sao Paulo-based oil and gas exploration and production company plans to use the proceeds to refinance debt and for general corporate purposes.

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