By Christine Van Dusen and Paul A. Harris
Atlanta, April 30 - Brazil's Braskem Finance Ltd. priced $400 million notes due 2020 (expected Ba1/BB+/BB+) at par to yield 7%, according to a market source.
Bradesco BBI, HSBC and Santander were the bookrunners for the deal, which was talked at 7%.
Braskem initially came with the intention of raising $750 million, a source said.
Braskem Finance is a Cayman Islands-based subsidiary of Braskem, a petrochemical company based in Sao Paulo.
| Issuer: | Braskem Finance Ltd.
|
| Amount: | $400 million
|
| Maturity: | 2020
|
| Securities: | Notes
|
| Bookrunners: | Bradesco BBI, HSBC, Santander
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Trade date: | April 30
|
| Expected ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
| Price talk: | 7%
|
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