Brazil's Braskem to start roadshow for dollar-denominated notes next week

By Reshmi Basu

New York, Sept. 6 - Braskem SA plans to start a roadshow next week for a dollar-denominated offering of fixed-rate senior unsecured notes, according to a market source.

The roadshow will start in London on Monday and will move to New York on Tuesday, to Boston and Hartford on Sept. 13 and wrap up in Los Angeles on Sept. 14.

The size of the deal will be dependent on the company's current tender offer, according to an e-mail sent by the syndicate. Meanwhile the tenor is expected to be intermediate to long-dated.

ABN Amro and Citigroup are joint bookrunners for the Rule 144A and Regulation S deal.

Prospect News previously reported that Braskem planned to sell $275 million of new notes in September, according to a news release published on Aug. 29.

The release said that proceeds from the sale would be used toward the company's tender offer, in which it plans to repurchase all $275 million of its 12½% notes due 2008.

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

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