New Issue: Brazil's Odebrecht prices $580 million 6 5/8% notes due 2022 at 99.996

By Aleesia Forni

Virginia Beach, Feb. 20 - Brazil's Odebrecht Offshore Drilling Finance Ltd. priced $580 million of 6 5/8% notes due Oct. 1, 2022 (Baa3/BBB/BBB) at 99.996 to yield 6 5/8% on Thursday, a market source said.

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

Odebrecht is an engineering, construction, chemical and petrochemical conglomerate based in Salvador da Bahia, Brazil.

Issuer:	Odebrecht Offshore Drilling Finance Ltd.
Amount:	$580 million
Description:	Notes
Maturity:	Oct. 1, 2022
Global coordinators:	Santander, HSBC, BNP Paribas
Bookrunners:	Bradesco BBI, Itau BBA, Morgan Stanley
Coupon:	6.625%
Price:	99.996
Yield:	6.625%
Trade date:	Feb. 20
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB
	Fitch: BBB
Price talk:	6¾% to 6 7/8%
Distribution:	Rule 144A, Regulation S

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