Brazil's Odebrecht talks $1.5 billion 10-year notes at 6½% area yield

By Christine Van Dusen

Atlanta, Nov. 9 - Brazil's Odebrecht Drilling Norbe XII/IX Ltd. set price talk for its $1.5 billion 10-year final, 8.1-year average life bonds at a yield in the 6½% area, a market source said.

Santander, HSBC, Deutsche Bank and BB Securities are the bookrunners for the Rule 144A and Regulation S deal.

Proceeds will be used to refinance existing debt related to the construction and operation of two deepwater drill ships.

Odebrecht Drilling Norbe is a wholly owned subsidiary of Brazil's Odebrecht Oleo e Gas SA.

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