Brazil's Braskem gets needed consents for four series of notes

By Jennifer Chiou

New York, April 16 - Braskem SA financing subsidiary Braskem Finance Ltd. said it has obtained the necessary consents in the solicitation for four series of notes.

The company received consents from holders of a majority of each of its $500 million of outstanding 7¼% notes due 2018, $750 million of outstanding 7% notes due 2020, $1 billion of outstanding 5¾% notes due 2021 and $700 million of outstanding 7 3/8% perpetual bonds.

Braskem said that it has entered into a supplemental indenture for each note series.

The consent solicitation began on April 5 and expired at 5 p.m. ET on April 16.

As reported, the consent fee is now $2.00, up from $1.00, per $1,000 principal amount of notes.

Braskem Finance was proposing to amend the limitations-on-liens covenant and related definitions in order to provide Braskem with more operating flexibility to take up strategic projects and finance those projects. The proposed amendments also excluded the projects from certain event-of-default provisions.

The provisions in the proposed amendments will conform to the provisions in the indenture dated July 22, 2011 governing Braskem's $500 million of 7 1/8% notes due 2041.

D.F. King & Co., Inc. (212 269-5550 or 800 758-5378) was the information agent.

Braskem is a petrochemical company based in Sao Paulo, Brazil.

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