OAS tap brings Brazil back
Construction company OAS tapped its 2019 senior unsecured notes for $375m on Thursday — more than it expected — proving that the market for Brazilian credits remained open, if selective, said bankers.
B1/BB-/B+ rated OAS attracted $1.85bn as it re-opened its 2019 8.25% bonds at 99.25 to yield 8.412. The borrower had initially planned to raise $350m. The bond now totals $875m.The existing notes — originally issued at par in October 2012 — were trading at 101.25 before the ...
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