Brazil's Odebrecht Drilling postpones notes due to market conditions

By Christine Van Dusen

Atlanta, June 13 - Brazil's Odebrecht Drilling Norbe VIII/IX Ltd. has postponed a planned issue of dollar-denominated and benchmark-sized notes because of current market volatility, a market source said.

HSBC, Itau BBA and Morgan Stanley were the global coordinators for the Rule 144A and Regulation S deal. BB Securities, BNP Paribas and Santander were the bookrunners.

The proceeds were to be used for relief from existing project finance obligations.

A roadshow was held from May 27 to June 5.

Odebrecht Drilling is a subsidiary of Odebrecht Oleo e Gas SA, an offshore drilling company based in Rio de Janeiro.

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