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Braskem tenders for $275 million 12½% notes
By Laura Lutz
Des Moines, Aug. 29 - Braskem SA announced a tender offer for its outstanding $275 million of 12½% notes due 2008.
For each $1,000 principal amount of tendered notes, the company will pay the present value on the settlement date of $1,000 plus scheduled interest payments through maturity on Oct. 15, 2008, discounted using the bid-side yield of the 3 1/8% U.S. Treasury note due Oct. 15, 2008 plus 45 basis points, minus accrued interest up to but excluding the settlement date.
The price will include a $20.00 per $1,000 early tender premium for notes tendered before 5 p.m. on Sept. 18.
The company will also pay accrued interest up to but excluding the settlement date for the notes.
The offer expires at 5 p.m. ET on Sept. 27. Pricing will be set at 2 p.m. ET two business days before the expiration.
ABN AMRO Bank NV, London Branch and Citigroup Global Markets Inc. are the dealer managers for the offer. D.F. King & Co., Inc., (800 290-6431or 212 269-5550) is the information agent.
Braskem is a São Paulo, Brazil-based petrochemical company.
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