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Brazil's Braskem to sell $200 million in perpetual bonds
By Reshmi Basu and Paul A Harris
New York, April 5 - Braskem SA said it plans to issue $200 million in perpetual bonds.
The bonds will be structured as senior unsecured debt, according to a company press release. Also, the bonds will be callable at par for five years in whole or in part with a minimum $100 million remaining after call.
Proceeds from the sale will be used for general corporate purposes, including working capital and for financing the acquisition of certain common and preferred shares of Politeno Indústria e Comércio SA.
JP Morgan is managing the sale, according to a buyside source. Another investor said that there were rumors that there would be investor roadshows in the United States.
The Sao Paulo, Brazil-based company is a privately owned petrochemical company.
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