Brazil's Braskem talks $200 million minimum notes due January 2017 at 8 1/8% area

By Paul A. Harris

St. Louis, Sept. 18 - Brazilian petrochemical company Braskem SA has talked its $200 million minimum offering of fixed-rate senior unsecured notes, which will mature in January 2017 (/BB/BB+), at the 8 1/8% area, according to a market source.

The ultimate size of the issue depends upon the results of the company's tender for its $275 million of 12½% notes due 2008. The proceeds from the new notes will be used to fund that tender.

ABN Amro and Citigroup are leading the Rule 144A and Regulation S offering.

Standard & Poor's assigns its BB rating to the notes. Fitch Ratings assigns them its BB+ rating.

Braskem has headquarters in Sao Paulo, Brazil.

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