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Braskem Raises Funds to Buy Ipiranga Group

1:44 PM MDT | April 18, 2007 | Chemical Week Editorial Staff

Braskem (São Paulo) says it has secured up to $1.2 billion through a bridge loan to finance its part of the previously announced acquisition of the Ipiranga Group (São Paulo), a petrochemical, refinery, and fuel distribution firm. Braskem raised the funds in a “highly favorable market scenario, with excellent liquidity, guaranteeing attractive borrowing conditions and financial flexibility to Braskem,” Braskem says. The company will repay the two-year credit facility at interest rates only slightly above the London Interbank Offered...

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