Odebrecht rigs to drill for secured bonds
Brazilian conglomerate Odebrecht is looking to take advantage of the desire by the Brazilian government and Petrobras to develop the local oil and gas industry to issue up to $1.88bn of senior-secured 144A/Reg-S bonds backed by flows from ultra deep water drilling contracts.
Odebrechts oil and gas arm Odebrecht Oleo e Gas will issue the amortising bonds with a final maturity of October 2022 and expected rating of Baa3/BBB/BBB through Odebrecht Offshore Drilling Finance.
Global co-ordinators HSBC, Itaú and Morgan Stanley are taking the borrower on a roadshow, which
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