Brazil's Braskem to issue $275 million in new notes

By Reshmi Basu

New York, Aug. 29 - Braskem SA said it plans to issue $275 million of new notes in September.

The deal will be structured as a Rule 144A and Regulation S transaction.

Proceeds from the issuance will be used toward the company's current tender offer, in which it plans to repurchase all $275 million of its 12½% notes due 2008.

"Braskem is conducting the tender offer and proposes to issue the new notes in the expectation that these transactions will extend the maturity profile of Braskem's indebtedness and reduce the cost of its financing," said Paul Altit, chief financial officer, in a news release.

The Sao Paulo, Brazil-based issuer is a chemical and petrochemical products manufacturer.

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