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Braskem raises $500 million through bond issue

7:39 AM MST | January 17, 2014 | Francinia Protti-Alvarez

Braskem says it has raised $500 million via an overseas bond issuance. Proceeds will be used to buy back some existing bonds and pay down short-term debt, Braskem says. The company did not provide further details. The 10-year overseas bonds are due to mature in 2024. The bonds were assigned a BBB- rating by Fitch, according to a brief issued by the ratings agency. They will be unconditionally guaranteed by Braskem. The ratings reflect the company's level of indebtedness, Fitch says. Braskem, to improve its debt position, has been divesting assets, including the...

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