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Published on 1/23/2012 in the Prospect News Emerging Markets Daily, Prospect News High Yield Daily and Prospect News Investment Grade Daily.

Brazil's Odebrecht talks $500 million add-on to 2023 notes at 6% area

By Paul A. Harris

Portland, Ore., Jan. 23 - Odebrecht Finance Ltd. talked a $500 million add-on to its 6% senior notes due April 2023 (expected ratings Baa3/BB+/BBB-) at the 6% area, on Monday, according to a market source.

Deutsche Bank, Credit Suisse and Goldman Sachs are leading the deal.

The Rule 144A and Regulation S notes are non-callable.

The Brazilian construction company plans to use the proceeds for general corporate purposes.

The original $500 million issue priced at par in March 2011.


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