Odebrecht Bringing Drillship Jumbo

Odebrecht is expected to price its $1.5bn 10-year drillship bond this week, and potentially as soon as Wednesday, according to a banker on the deal. Pricing is expected to come in at the tight end of mid-to-high 6% guidance. Although investors are requesting more information on the 8.1-year, BBB/Baa3 amortizing deal through the Odebrecht Drilling Norbe VIII/IX unit, the book is still growing, according to bankers on it. Santander, HSBC, Deutsche and Banco do Brasil are managing the sale. The notes are backed by intercompany loans granted to each drillship, according to Fitch.