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Braskem to Sell Debt in Continued Refinancing Effort

10:49 AM MDT | July 22, 2010 | Vincent Valk

Braaskem is selling $350 million in debt due 2020 in a reopening of a $750 million issuance first announced in April, according to Moody's Investors Service (New York). The debt sale is part of an ongoing effort to refinance Braskem's debt, and the proceeds will be used to prepay existing debt. Moody's has rated the debt "Ba1," in line with Braskem's overall corporate credit rating. The Brazilian company's "Ba1" rating is one notch below investment-grade, though Moody's says that an upgrade is unlikely due to Braskem's relatively high...

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