By Christine Van Dusen
Atlanta, Sept. 27 - Brazil's Braskem SA priced $450 million perpetual notes (Ba1/BB+/BB+) at par to yield 7 3/8%, according to an informed market source.
Deutsche Bank, HSBC and Itau were the bookrunners for the Rule 144A and Regulation S transaction, which was whispered to yield in the mid-to-high 7% area.
The notes are non-callable for five years.
Proceeds will be used for general corporate purposes and to redeem the company's outstanding 9¾% perpetual bonds and 9% perpetual bonds.
Braskem is a petrochemical company based in Sao Paulo.
| Issuer: | Braskem SA
|
| Amount: | $450 million
|
| Maturity: | Perpetual
|
| Description: | Notes
|
| Bookrunners: | Deutsche Bank, HSBC, Itau
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Call features: | Non-callable for five years
|
| Trade date: | Sept. 27
|
| Settlement date: | Oct. 4
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Whispered at mid-to-high 7% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
