SAO PAULO, Brazil, April 12 /PRNewswire-FirstCall/ -- BRASKEM S.A. (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK), leader in the thermoplastic resins segment in Latin America, announces the conclusion of negotiations which will guarantee the raising of up to US$ 1.2 billion through a bridge loan to finance the acquisition of Ipiranga Group's petrochemical business jointly with Petrobras and the future delisting of Copesul, two exceptionally important assets in Braskem's strategy of growth with value creation and consolidating the petrochemical sector in the south of Brazil.
"The positive market evaluation about the new size of the Company, the synergies to be captured and the strategic benefits resulting from the Ipiranga acquisition, combined with the confidence in Braskem's financial strength, proved crucial to the success of the operation," says Carlos Fadigas, Braskem CFO and Investor Relations Director. According to Mr. Fadigas, the company raised the funds in a highly favorable market scenario, with excellent liquidity, guaranteeing attractive borrowing conditions and financial flexibility to Braskem.
The 2-year credit facility will be repaid at 0.35% above the Libor rate in the first year and 0.55% above the Libor in the second, making this transaction the most competitive ever in Brazil. The transaction was structured and led by ABN AMRO Real, Calyon and Citibank.
Braskem expects to conclude the refinancing of the bridge loan at the appropriate moment, while always maintaining its focus on reducing the Company's cost of capital and ensuring a debt profile that is suitable to its cash flow. Braskem's net debt/EBITDA ratio, which measures its degree of financial leverage and is currently 2.7x, will be virtually unaffected by this acquisition.
For further information, please access our IR website at http://www.braskem.com.br/ir or contact our Investor Relations Team:
Luciana Ferreira
IR Manager
Phone: (+55 11) 3443 9178
