Brazil's Braskem sets talk for $250 million add-on to 6.45% notes due 2024; pricing Wednesday

By Christine Van Dusen

Atlanta, April 16 - Brazil's Braskem SA set initial talk in the 102.5 area for a $250 million reopening of its existing 6.45% notes due Feb. 3, 2024, a market source said.

The add-on is expected to price on Wednesday.

BB Securities, BTG Pactual, Credit Suisse, Morgan Stanley and Standard Chartered Bank are the bookrunners for the Securities and Exchange Commission-registered deal.

Mitsubishi UFJ Securities is a co-manager.

The original $500 million issue priced in January at par to yield 6.45%, or Treasuries plus 360.7 basis points, according to a company filing.

Braskem is a Sao Paulo-based petrochemical company.

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