|By PR Newswire||
|April 16, 2014 10:01 AM EDT||
SAO PAULO, April 16, 2014 /PRNewswire/ -- Braskem Finance Limited ("Braskem Finance"), a financing subsidiary of Braskem S.A. ("Braskem"), today announced that Credit Suisse Securities (USA) LLC (the "Offeror") intends to launch (i) an offer to purchase for cash (the "2017 Notes Tender Offer") Braskem Finance's outstanding 8.00% Notes due 2017 (the "2017 Notes"), (ii) an offer to purchase for cash (the "2018 Notes Tender Offer") 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") Braskem Finance's outstanding 7.00% Notes due 2020 (the "2020 Notes" and, together with the 2017 Notes and the 2018 Notes, the "Notes"). The Offeror intends to launch the Tender Offers following the announcement of terms of an anticipated financing transaction by Braskem Finance. The Offeror intends to establish the tender amount for each series of Notes following such announcement.
In connection with the 2020 Notes Tender Offer, the Offeror also intends to solicit (the "2020 Notes Consent Solicitation") the consents of the holders of the 2020 Notes to the adoption of certain amendments (the "2020 Proposed Amendments") to the indenture governing the 2020 Notes to eliminate substantially all of the restrictive covenants, as well as various events of default and related provisions contained in such indenture. The 2020 Proposed Amendments require the consents (the "2020 Requisite Consents") of holders of at least a majority in aggregate principal amount of the outstanding 2020 Notes (excluding any 2020 Notes held by the Braskem Finance or its affiliates).
The 2020 Notes Consent Solicitation may be terminated if the 2020 Requisite Consents are not obtained, and in such case, the 2020 Proposed Amendments will not become effective; however, the Offeror reserves the right in its sole discretion to accept and purchase 2020 Notes tendered pursuant to the concurrent 2020 Notes Tender Offer for an amount in cash equal to the 2020 Notes total consideration or the 2020 Notes tender offer consideration, as applicable.
The following table sets forth certain anticipated terms for each of the Tender Offers:
Title of Security
Aggregate Principal Amount Outstanding1
Anticipated Total Consideration2
8.00% Notes due 2017
(CUSIP No. 105532 AD7 /
(CUSIP No. P18533 AK8 /
7.25% Notes due 2018
(CUSIP No. 10553Y AA3 /
(CUSIP No. G1315R AA9 /
7.00% Notes due 2020
(CUSIP No. 10553Y AB1 /
(CUSIP No. G1315R AB7 /
(1) Amount includes U.S.$4,328,000 of 2017 Notes, U.S.$82,421,000 of 2018 Notes and U.S.$2,500,000 of 2020 Notes, in each case, held by Braskem or its affiliates.
(2) The amount to be paid for each U.S.$1,000 principal amount of applicable series of Notes validly tendered and accepted for purchase. In addition, the Offeror will pay accrued and unpaid interest up to, but not including, the applicable settlement date with respect to such Notes. In each case, the total consideration includes an anticipated early tender payment of U.S.$50.00.
Braskem Finance has consented to the Offeror making the Tender Offers and the 2020 Notes Consent Solicitation. Braskem Finance will not be making the Tender Offers or the 2020 Notes Consent Solicitation. It is intended that the Notes purchased by the Offeror pursuant to the Tender Offers will be sold by the Offeror to Braskem Finance, to be paid for with the net proceeds from the anticipated financing transaction. In connection with such sale, the Offeror will deliver consents to the 2020 Proposed Amendments with respect to the aggregate principal amount of 2020 Notes so transferred to Braskem Finance. The intended purpose of these transactions is for Braskem to lengthen and smooth its debt maturity profile.
The Offeror, BB Securities Ltd. ("BB Securities"), Banco BTG Pactual S.A.—Cayman Branch ("BTG Pactual"), Morgan Stanley & Co. LLC ("Morgan Stanley") and Standard Chartered Bank ("Standard Chartered") are expected to be engaged to act as Dealer Managers and Solicitation Agents in connection with the Tender Offers and the 2020 Notes Consent Solicitation, and Mitsubishi UFJ Securities (USA), Inc. is expected to be engaged to act as Co-Dealer Manager in connection with the Tender Offers and the 2020 Notes Consent Solicitation. Questions regarding the Tender Offers and the 2020 Notes Consent Solicitation may be directed to the Offeror at (800) 820-1653 (toll free) or (212) 538-2147 (collect), BB Securities at +44 20 7367 5803 (collect), BTG Pactual at (212) 293-4600 (collect), Morgan Stanley at (800) 624-1808 (toll free) or (212) 761-1057 (collect) and Standard Chartered at +44 20 7885 5739 (collect).
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 2020 Notes Consent Solicitation will be made solely by the Offeror pursuant to an offer to purchase and consent solicitation statement and related letter of transmittal and consent.
Danilo Dias Garcez
Phone: (+55 11) 3576 9952
Phone: (+55 11) 3576 9716
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
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. 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 wait for long development cycles that produce software that is obsolete...
Dec. 26, 2014 12:00 PM EST Reads: 1,675
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
Dec. 26, 2014 11:15 AM EST Reads: 2,296
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 26, 2014 11:00 AM EST Reads: 1,768
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Dec. 26, 2014 11:00 AM EST Reads: 1,986
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Dec. 26, 2014 11:00 AM EST Reads: 1,901
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
Dec. 26, 2014 11:00 AM EST Reads: 2,064
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
Dec. 26, 2014 11:00 AM EST Reads: 2,150
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 26, 2014 10:00 AM EST Reads: 7,119
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
Dec. 26, 2014 10:00 AM EST Reads: 1,953
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
Dec. 26, 2014 10:00 AM EST Reads: 1,732
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Dec. 26, 2014 09:30 AM EST Reads: 1,730
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Dec. 26, 2014 09:00 AM EST Reads: 2,588
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Dec. 26, 2014 09:00 AM EST Reads: 2,013
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Dec. 26, 2014 09:00 AM EST Reads: 2,223
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
Dec. 26, 2014 08:30 AM EST Reads: 2,372