Wednesday, 1 April 2009

New Issuance: Odebrecht Becomes First Private Company in Brazil This Year to Offer Bonds in International Markets

This came out yesterday, and I apologise, dear readers, I was on holiday. Bloggers have holidays too. Odebrecht, the construction giant, is offering bonds in international markets to buy stakes in some ventures and units, as well as to improve its corporate structure. This might be the first latin dollar bond sale since Digicel's very bumpy $335 million offering a few weeks back. On the use of proceeds, these Odebrecht bankers branded it as UOP for general corporate purposes -- I wish these bankers were more transparent. I wished the company was more transparent too.

Here are the details of the offering:

Issuer: Odebrecht Finance Ltd.
Rating: BB (stable) / BB+ (stable)
Tenor: Five Year (April 2014)

Size: $ 150 Million

Yield Guidance: To Be Announced

Change of Control: 101% (Ratings Downgrade)

Format: 144A/Reg S

Bookrunners: Banco Santander SA/Banco Itau Holding Financiera SA

Co-Manager: Banco Espirito Santo SGPS

Use of Proceeds: General Corporate Purposes (including equity investments in Odebrecht group units)

Timing: This Week

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