Brazil’s Braskem gives prices for tender offers for 3˝%, 7 1/8% notes

By William Gullotti

Buffalo, N.Y., June 17 – Braskem Netherlands Finance BV announced the consideration in its tender offer for any and all of its $206,895,000 outstanding 3˝% notes due 2023 (Cusips: 10554TAA3, N15516AA0), and Braskem America Finance Co. likewise announced the consideration for an any-and-all tender offer for its $750 million outstanding 7 1/8% notes due 2041 (Cusips: 10554CAA0, U1065PAA9), according to a company notice.

The 2023 consideration is $1,039.18 per $1,000 principal amount of notes, based on a spread of 60 basis points over the 0.125% U.S. Treasury due May 31, 2023.

The 2041 consideration is $1,245.89 per $1,000 principal amount of notes, based on a spread of 304 bps over the 2.25% U.S. Treasury due May 15, 2041.

Pricing took place at 11 a.m. ET on Thursday.

As reported June 11, 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.

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.

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