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Braskem Refinances Debt

4:10 PM MDT | April 22, 2010 | Vincent Valk

Braskem is currently planning to sell several hundred million dollars in new debt, reports say. Ratings agencies Moody's Investors Service and Fitch Ratings say the new issue will total $750 million. The proceeds from the sale will go towards refinancing existing debt, according to Moody's. Moody's has rated the debt Ba1, in line with Braskem's corporate family rating, while Fitch has rated it BB+. The outlook for the debt is stable, according to both Moody's and Fitch. The deal is expected to close on or about April 28, according to one...

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