Welcome!

News Feed Item

Braskem Finance Limited Announces Early Tender Date Results Of HSBC Securities (USA) Inc.'s Tender Offer For Any And All 8.00% Notes Due 2017; Tender Offer And Consent Solicitation For Any And All 7.25% Notes Due 2018; And Tender Offer And Consent Solicit

SAO PAULO, Jan. 30, 2014 /PRNewswire/ -- Braskem Finance Limited ("Braskem Finance"), a financing subsidiary of Braskem S.A. ("Braskem"), today announced the early tender date results in connection with HSBC Securities (USA) Inc.'s (the "Offeror") previously announced (i) offer to purchase for cash (the "2017 Notes Tender Offer") any and all of Braskem Finance's outstanding 8.00% Notes due 2017 (the "2017 Notes"), (ii) offer to purchase for cash (the "2018 Notes Tender Offer") and consent solicitation (the "2018 Notes Consent Solicitation") with respect to any and all of Braskem Finance's outstanding 7.25% Notes due 2018 (the "2018 Notes"), and (iii) an offer to purchase for cash (the "2020 Notes Tender Offer" and, together with the 2017 Notes Tender Offer and the 2018 Notes Tender Offer, the "Tender Offers") and consent solicitation (the "2020 Notes Consent Solicitation" and, together with the 2018 Notes Consent Solicitation, the "Consent Solicitations") with respect to Braskem Finance's outstanding 7.00% Notes due 2020 (the "2020 Notes" and, together with the 2017 Notes and the 2018 Notes, the "Notes") in an aggregate principal amount such that the amount of 2020 Notes Total Consideration and 2020 Notes Tender Offer Consideration (each as defined in the Offer Documents (as defined below)) paid by the Offeror does not exceed (x) U.S.$500.00 million less (y) the aggregate 2017 Notes Total Consideration and 2018 Notes Total Consideration (each as defined in the Offer Documents) paid by the Offeror to the holders of 2017 Notes and 2018 Notes, respectively, whose Notes were validly tendered and accepted for purchase on the Early Settlement Date (as defined below) pursuant to the 2017 Notes Tender Offer and the 2018 Notes Tender Offer, respectively (the "2020 Notes Maximum Tender Amount").  The early tender dates for each of the Tender Offers and the Consent Solicitations occurred at 5:00 p.m., New York City time, on January 30, 2014 (the "Early Tender Date").

Braskem Finance has been advised that, as of the Early Tender Date, (i) U.S.$44,927,000 in aggregate principal amount of the 2017 Notes, or approximately 35.69% of the outstanding 2017 Notes (excluding 2017 Notes held by Braskem Finance or its affiliates), had been validly tendered pursuant to the 2017 Notes Tender Offer, (ii) U.S.$229,413,000 in aggregate principal amount of the 2018 Notes, or approximately 53.99% of the outstanding 2018 Notes (excluding 2018 Notes held by Braskem Finance or its affiliates), had been validly tendered pursuant to the 2018 Notes Tender Offer and consents delivered pursuant to the related 2018 Notes Consent Solicitation, and (iii) U.S.$432,786,000 in aggregate principal amount of the 2020 Notes, or approximately 57.90% of the outstanding 2020 Notes (excluding 2020 Notes held by Braskem Finance or its affiliates), had been validly tendered pursuant to the 2020 Notes Tender Offer and consents delivered pursuant to the related 2020 Notes Consent Solicitation. 

The terms and conditions of the Tender Offers and the Consent Solicitations are described in the Offeror's Offer to Purchase and Consent Solicitation Statement, dated January 16, 2014, and the related Letter of Transmittal and Consent (together, the "Offer Documents"), previously distributed to holders of the Notes.

Holders of 2017 Notes who have validly tendered their 2017 Notes at or prior to the Early Tender Date are eligible to receive the 2017 Notes Total Consideration, which includes an early tender payment, plus accrued and unpaid interest up to, but not including, the early settlement date for the 2017 Notes (the "2017 Notes Early Settlement Date"). The 2017 Notes Early Settlement Date is expected to occur on or about January 31, 2014.  The Offeror intends to pay for all 2017 Notes validly tendered and accepted for purchase pursuant to the 2017 Notes Tender Offer on the 2017 Notes Early Settlement Date.

Holders of 2018 Notes who have validly tendered their 2018 Notes at or prior to the Early Tender Date are eligible to receive the 2018 Notes Total Consideration, which includes an early tender payment, plus accrued and unpaid interest up to, but not including, the early settlement date for the 2018 Notes (the "2018 Notes Early Settlement Date"). The 2018 Notes Early Settlement Date is expected to occur on or about January 31, 2014.  The Offeror intends to pay for all 2018 Notes validly tendered and accepted for purchase pursuant to the 2018 Notes Tender Offer on the 2018 Notes Early Settlement Date. In addition, in connection with the 2018 Notes Consent Solicitation, Braskem Finance intends to execute a supplemental indenture (the "2018 Notes Supplemental Indenture") to the indenture governing the 2018 Notes, which will eliminate substantially all of the restrictive covenants, as well as various events of default and related provisions contained in such indenture (the "2018 Proposed Amendments").  Adoption of the 2018 Proposed Amendments requires consents of holders of at least a majority in aggregate principal amount of the outstanding 2018 Notes (excluding 2018 Notes held by Braskem Finance or its affiliates). The Offeror has obtained the requisite consents for the 2018 Proposed Amendments. Any 2018 Notes not tendered and purchased pursuant to the 2018 Notes Tender Offer will remain outstanding and will be governed by the terms of the indenture governing the 2018 Notes, as amended by the 2018 Notes Supplemental Indenture.

Holders of 2017 Notes and 2018 Notes who have not yet tendered their respective Notes have until 12:00 Midnight, New York City time, on February 13, 2014, unless extended by the Offeror (such time and date, as it may be extended for either series of the Notes, the "Expiration Date") to tender such Notes pursuant to the applicable Tender Offer. Any holders of 2017 Notes or 2018 Notes who validly tender their respective Notes after the Early Tender Date but at or prior to the Expiration Date will not be entitled to receive the applicable early tender payment and will therefore be entitled to receive only the applicable tender offer consideration, as described in the Offer Documents, plus accrued and unpaid interest up to, but not including, the applicable final settlement date. 

Holders of 2020 Notes who have validly tendered their 2020 Notes at or prior to the Early Tender Date are eligible to receive the 2020 Notes Total Consideration, which includes an early tender payment, plus accrued and unpaid interest up to, but not including, the early settlement date for the 2020 Notes (the "2020 Notes Early Settlement Date"). The 2020 Notes Early Settlement Date is expected to occur on or about January 31, 2014. Since the aggregate principal amount of 2020 Notes validly tendered in the 2020 Notes Tender Offer at or prior to the Early Tender Date exceeds the 2020 Notes Maximum Tender Amount, in accordance with the proration procedures described in the Offer Documents, the proration factor used to determine the amount of validly tendered 2020 Notes to be accepted for purchase from each tendering holder of 2020 Notes on the 2020 Notes Early Settlement Date equals 29.82%. Accordingly, the Offeror intends to purchase on the 2020 Notes Early Settlement Date U.S.$165,684,000 in aggregate principal amount of 2020 Notes validly tendered at or prior to the Early Tender Date pursuant to the 2020 Notes Tender Offer. Furthermore, since the 2020 Notes Tender Offer was fully subscribed as of the 2020 Notes Early Tender Date, holders of 2020 Notes who validly tender 2020 Notes after the Early Tender Date will not have any of their 2020 Notes accepted for purchase. In addition, in connection with the 2020 Notes Consent Solicitation, a supplemental indenture to the indenture governing the 2020 Notes will not be executed. Any 2020 Notes not tendered and purchased pursuant to the 2020 Notes Tender Offer will remain outstanding and will be governed by the terms of the indenture governing the 2020 Notes.

Copies of the Offer Documents are available to holders of Notes from D.F. King & Co., Inc., the information agent for the Tender Offers and the Consent Solicitations (the "Information Agent").  Requests for copies of the Offer Documents should be directed to the Information Agent at +1 (800) 967-4604 (toll free), +1 (212) 269-5550 (collect) or [email protected].

The Offeror reserves the right, in its sole discretion, not to accept any tenders of Notes or deliveries of consents for any reason.  The Offeror is making the Tender Offers and the Consent Solicitations only in those jurisdictions where it is legal to do so. 

The Offeror, Banco Bradesco BBI S.A. ("Bradesco BBI"), Citigroup Global Markets Inc. ("Citigroup"), Credit Agricole Securities USA Inc. ("Credit Agricole") and Deutsche Bank Securities Inc. ("Deutsche Bank") have been engaged to act as Dealer Managers and Solicitation Agents in connection with the Tender Offers and the Consent Solicitations, and Standard Chartered Bank ("Standard") has been engaged to act as Co-Dealer Manager in connection with the Tender Offers and Consent Solicitations.  Questions regarding the Tender Offers and the Consent Solicitations may be directed to the Offeror, Bradesco BBI, Citigroup, Credit Agricole or Deutsche Bank at their telephone numbers set forth on the back cover of each of the Offer Documents.

Neither the Offer Documents nor any related documents have been filed with the U.S. Securities and Exchange Commission, nor have any such documents been filed with or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of the Offer Documents or any related documents, and it is unlawful and may be a criminal offense to make any representation to the contrary.

This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents.  The Tender Offers and the Consent Solicitations are being made solely by the Offeror pursuant to the Offer Documents.  The Tender Offers and the Consent Solicitations are not being made to, nor will the Offeror accept tenders of Notes and deliveries of consents from, holders in any jurisdiction in which the Tender Offers and the Consent Solicitations or the acceptance thereof would not be in compliance with the securities or blue sky laws of such jurisdiction.

Braskem S.A.


Danilo Dias Garcez

Marcelo Rossini

Finance Director

Structured Finance

Phone: (+55 11) 3576 9952

Phone: (+55 11) 3576 9995

[email protected]

[email protected]



Marina Dalben


Structured Finance


Phone: (+55 11) 3576 9716


[email protected]


NOTICE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains statements that are forward-looking within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to Braskem Finance and the Offeror that may cause the actual results to be materially different from any future results expressed or implied in such forward-looking statements. Although Braskem Finance believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to Braskem Finance's management, Braskem Finance cannot guarantee future results or events. Braskem Finance expressly disclaims a duty to update any of the forward-looking statements.

SOURCE Braskem Finance Limited

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Amazon is pursuing new markets and disrupting industries at an incredible pace. Almost every industry seems to be in its crosshairs. Companies and industries that once thought they were safe are now worried about being “Amazoned.”. The new watch word should be “Be afraid. Be very afraid.” In his session 21st Cloud Expo, Chris Kocher, a co-founder of Grey Heron, will address questions such as: What new areas is Amazon disrupting? How are they doing this? Where are they likely to go? What are th...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, will discuss how they b...
SYS-CON Events announced today that SkyScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SkyScale is a world-class provider of cloud-based, ultra-fast multi-GPU hardware platforms for lease to customers desiring the fastest performance available as a service anywhere in the world. SkyScale builds, configures, and manages dedicated systems strategically located in maximum-security...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...