May 16, 2018 |
Braskem has closed syndication on a five-year $1bn senior secured revolving credit facility (RCF) with 11 banks, according to sources familiar with the financing.
Six joint bookrunners and three mandated lead arrangers (MLAs) brought in Deutsche Bank as an additional MLA and Italy's Unicredit joined as a participant, said the sources.
Pricing closed at 125bp over Libor. The spread is tied to a grid against Braskem's Ba1/BBB-/BBB- ratings and remains unchanged between BB- and BBB+.
Brazilian petrochemical firm secures $1bn, tied to a ratings grid, from 11 banks