By William Gullotti and Cristal Cody
Buffalo, N.Y., Feb. 9 – Braskem Netherlands Finance BV priced $1 billion of 7¼% 10-year notes (BBB-/BBB-) on Wednesday, according to information from a market source.
The Rule 144A and Regulation S notes priced at a spread of 363.1 basis points over Treasuries to yield 7¼%, tighter than initial talk for a yield in the 7¾% area.
BNP Paribas, Citigroup, ITAU, Morgan Stanley, Santander and SMBC Nikko are the bookrunners.
Proceeds will be used for general corporate purposes, which may include the repayment of shorter-term debt, according to S&P Global Ratings.
Braskem is a Sao Paulo-based petrochemical company.
| Issuer: | Braskem Netherlands Finance BV
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| Amount: | $1 billion
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| Issue: | Notes
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| Maturity: | Feb. 13, 2033
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| Bookrunners: | BNP Paribas, Citigroup, ITAU, Morgan Stanley, Santander and SMBC Nikko
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| Coupon: | 7¼%
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| Price: | Par
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| Yield: | 7¼%
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| Spread: | Treasuries plus 363.1 bps
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| Pricing date: | Feb. 8
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| Ratings: | S&P: BBB-
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| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Initial talk: | 7¾% area
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