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Braskem sees tenders for $1.06 billion 2021, 2022, 2023 notes
By Marisa Wong
Los Angeles, Oct. 30 – Brazil’s Braskem Finance Ltd. announced the final results of its offers to purchase for cash any and all of the $1 billion of outstanding 5¾% notes due 2021 and $500 million of outstanding 5 3/8% notes due 2022 issued by Braskem Finance Cayman and any and all of the $500 million of outstanding 3½% notes due 2023 issued by Braskem Netherlands Finance BV.
As of 8:30 a.m. ET on Oct. 29, the expiration of the offers, holders had tendered $555,659,000, or 55.57%, of the 2021 notes; $210,535,000, or 42.11%, of the 2022 notes; and $293,105,000, or 58.62%, of the 2023 notes, according to a Wednesday press release.
The tendered notes will be accepted for purchase on Nov. 4 at the following tender considerations per $1,000 principal amount: $1,053.25 for the 2021 notes, $1,061.25 for the 2022 notes and $1,017.50 for the 2023 notes.
Holders will also receive accrued interest.
The amounts tendered as of the expiration time do not include $400,000 of 2021 notes, $4,636,000 of 2022 notes or $600,000 of 2023 notes subject to guaranteed delivery procedures, the company noted.
For each offer, the guaranteed delivery date will be 5 p.m. ET on the second business day following the expiration date, expected to be on Oct. 31.
The offers were not contingent on the tender of any minimum principal amount of notes but are subject to a financing condition, which has now been satisfied.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106), Itau BBA USA Securities, Inc. (212 710-6749), Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) and Santander Investment Securities Inc. (855 404-3636 or 212 940-1442) are dealer managers, and D.F. King & Co., Inc. (212 269-5550, 800 591-6309 or in braskem@dfking.com) is the information and tender agent.
Braskem Finance is a subsidiary of Braskem SA, a Sao Paulo-based petrochemical company.
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