By Paul A. Harris
St. Louis, April 2 - Odebrecht Finance Ltd. priced an upsized $200 million issue of 9 5/8% five-year guaranteed notes (/BB/BB+) at 98.552 to yield 10% on Thursday, according to a market source.
Banco Santander and Banco Itau were bookrunners for the Rule 144A and Regulation S deal, which was upsized from $150 million.
The yield is equivalent to 825 basis points over Treasuries.
Proceeds will be used for general corporate purposes and reinvestment.
Odebrecht Finance is a subsidiary of Rio de Janeiro-based construction firm Constructora Norberto Odebrecht SA.
| Issuer: | Odebrecht Finance Ltd.
|
| Amount: | $200 million, increased from $150 million
|
| Maturity: | April 9, 2014
|
| Security description: | Guaranteed notes
|
| Bookrunners: | Banco Santander, Banco Itau
|
| Coupon: | 9 5/8%
|
| Price: | 98.552
|
| Yield: | 10%
|
| Spread: | 825 bps
|
| Trade date: | April 2
|
| Ratings: | Standard & Poor's: BB
|
| Fitch: BB+
|
| Distribution: | Rule 144A/Regulation S
|
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