Brazil's Odebrecht Drilling taps four bookrunners for $1.5 billion 10-year notes

By Christine Van Dusen

Atlanta, Oct. 29 - Brazil's Odebrecht Drilling Norbe VIII/IX Ltd. has mandated Santander, HSBC, Deutsche Bank and BB Securities as joint bookrunners for a $1.5 billion offering of 10-year notes (expected ratings: Baa3//BBB), a market source said.

The Rule 144A and Regulation S offering will be launched following a roadshow from Monday to Nov. 5 in London, New York, Boston, Singapore and Hong Kong.

Proceeds will be used to refinance existing debt related to the construction and operation of two deepwater drill ships chartered to Petroleo Brasileiro SA under 10-year agreements.

Odebrecht Drilling is a subsidiary of Odebrecht Oleo e Gas SA, which is part of Odebrecht SA, a Salvador, Brazil-based business conglomerate.

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