Brazil's Schahin Oil sets talk at high 6%-7% area for seven-year dollar benchmark notes

By Christine Van Dusen and Paul A. Harris

Atlanta, Feb. 7 - Brazil's Schahin Oil & Gas Ltd. has set price talk in the high 6% to 7% area for a dollar-denominated offering of benchmark-sized senior notes due in seven years (expected ratings: /BB+/BB-), a market source said.

Citigroup is the left bookrunner for the deal. Deutsche Bank, HSBC and Mizuho are also joint bookrunners.

The Rule 144A and Regulation S for life notes include four years of call protection and a change-of-control put at 101%.

The notes are expected to price on Friday.

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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