Brazil’s Braskem starts cash tender offers for all 3˝%, 7 1/8% notes

Chicago, June 11 – Braskem Netherlands Finance BV announced a tender offer for any and all of its $206,895,000 outstanding 3˝% notes due 2023 (Cusips: 10554TAA3, N15516AA0), and Braskem America Finance Co. started an any-and-all tender offer for its $750 million outstanding 7 1/8% notes due 2041 (Cusips: 10554CAA0, U1065PAA9), according to a document.

Both notes will be redeemed with premiums, as the par call date does not start until Dec. 10, 2022 for the 2023 notes and Jan. 22, 2041 for the 2041 notes.

Accordingly, Braskem will offer to buy the 2023 notes at a priced based on the 0.125% U.S. Treasury due May 31, 2023 plus 60 basis points.

The 2041 notes will be repurchased at a price based on the 2.25% U.S. Treasury due May 15, 2041 plus 304 bps.

Interest will also be paid to the settlement date.

Pricing will be determined at 11 a.m. ET on June 17.

The expiration time and withdrawal date is 5 p.m. ET on June 17.

Noteholders who tender their notes via guaranteed delivery will need to adhere to the delivery date deadline of 5 p.m. ET on the second business day after the expiration time.

Settlement is planned for June 22.

The dealer managers for the offer are Credit Agricole Securities (USA) Inc. (866 807-6030, 212 261-7802) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442).

D.F. King & Co., Inc (888 644-6071, 212 269-5550, braskem@dfking.com, www.dfking.com/braskem) is the information and tender agent for the offer.

Braskem is a Sao Paulo-based petrochemical company. Both of the issuers are finance subsidiaries of Braskem.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.