Braskem extends curve with $500m buyback

Braskem extends curve with $500m buyback

Brazil’s Braskem said on Friday it would spend $500m buying back debt in a popular cash tender offer which was closed for early participants on Thursday. The Baa3/BBB-/BBB- rated borrower is to buy back 2017, 2018 and 2020 bonds in a deal designed to extend its maturity profile. The tender was funded by a January 16 sale of a 6.45% $500m 10-year bond. Investors tendered 35.69% of Braskem’s 8% $130m 2017 bond and 53.99% of its 7.25% $500m 2018 bond in an any-and-all tender offer. Braskem will spe

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