By Reshmi Basu
New York, May 24 - Braskem SA priced $150 million of 10-year notes (/BB-/BB-) at 99.522 with a 9 3/8% coupon to yield 9.45%, according to a market source.
The oversubscribed deal priced at the tight end of revised price guidance. Guidance had been tightened to 9.45% to 9.50% from initial guidance of 9.625%.
The final book size stood at $725 million.
The senior unsecured notes are non-callable for life.
ABN Amro and Citigroup ran the Rule 144A/Regulation S offering.
Proceeds will be used for refinancing subsidiary Trikem's 10 5/8% notes due 2007.
Braskem, based on Sao Paulo, Brazil, is a petrochemical company.
| Issuer: | Braskem SA
|
| Amount: | $150 million
|
| Issue: | Senior unsecured notes
|
| Maturity: | June 1, 2015
|
| Coupon: | 9 3/8%
|
| Issue price: | 99.522
|
| Yield: | 9.45%
|
| Call options: | Non-callable for life
|
| Pricing date: | May 24
|
| Settlement date: | June 1
|
| Bookrunners: | ABN Amro, Citigroup
|
| Ratings: | Standard & Poor's: BB-
|
| Fitch: BB-
|
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