Odebrecht sells dual trancher to fund buyback
Brazilian conglomerate Odebrecht closed a dual tranche deal in dollars and Brazilian real on Wednesday. Its engineering arm Constutora Noberto Odebrecht (CNO) will use the proceeds to fund a buyback, which is expected to improve the maturity profile and average cost of the company’s debt.
The bookrunners priced a $550m 12 year tranche at 4.375% and a R$550m ($275m) five year bond at 8.25%, well inside initial guidance on both sections."Its a regular issuer with a clear curve and the new bonds were in line with where its outstanding bonds trade," said a ...
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