By Christine Van Dusen
Atlanta, July 21 - Brazil's Braskem Finance Ltd. priced a $350 million add-on to its $400 million 7% notes due May 7, 2020 (Ba1/BB+/BB+) at 100.86944 to yield 6 7/8%, or Treasuries plus 268 basis points, a market source said.
Bradesco BBI, HSBC and Santander were the bookrunners for the Rule 144A and Regulation S deal.
The original $400 million was priced at par on April 30 in a deal that was downsized from an originally planned $750 million.
Braskem Finance is a Cayman Islands-based subsidiary of Braskem, a petrochemical company based in Sao Paulo.
| Issuer: | Braskem Finance Ltd.
|
| Amount: | $350 million
|
| Maturity: | May 7, 2020
|
| Description: | Add-on to 7% notes
|
| Bookrunners: | Bradesco BBI, HSBC, Santander
|
| Coupon: | 7%
|
| Price: | 100.86944
|
| Yield: | 6 7/8%
|
| Spread: | Treasuries plus 268 bps
|
| Trade date: | July 21
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
| Distribution: | Rule 144A, Regulation S
|
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