Braskem S.A. and Braskem Finance Limited Announce Receipt of Requisite Consents in Their Consent Solicitation for Their 11.75% Notes Due 2014

Oct 21, 2010, 20:01 ET from Braskem S.A.

SAO PAULO, Oct. 21 /PRNewswire/ -- Braskem S.A. ("Braskem") and Braskem Finance Limited, a financing subsidiary of Braskem ("Braskem Finance" and, together with Braskem, the "Issuers"), announced today that, pursuant to their previously announced consent solicitation (the "Consent Solicitation") relating to their U.S.$250.0 million in aggregate principal amount of 11.75% Notes due 2014 (the "Notes"), they have received the requisite consents to amend certain provisions (the "Proposed Amendments") in the Notes and the Issuing and Paying Agency Agreement (including the Terms and Conditions of the Notes attached thereto), dated as of July 16, 2003, pursuant to which the Notes were issued (the "Agreement").  The Consent Solicitation expired at 5:00 pm (New York City time) on October 21, 2010 (the "Expiration Time").

As of the Expiration Time, the Issuers received consents with respect to more than a majority of the aggregate principal amount of the Notes (not including any Notes that are owned by Braskem or any of its affiliates).  Accordingly, the Issuers have entered into an amendment to the Notes and the Agreement containing the Proposed Amendments.  The Issuers will settle the Consent Solicitation within five business days of the Expiration Time.

The Information Agent for the Consent Solicitation was:

D.F. King & Co., Inc.

48 Wall Street, 22nd Floor

New York, New York 10005 U.S.A.

Banks and Brokers call:  +1 (212) 269-5550 (collect)

All others call toll-free:  +1 (800) 628-8536

E-mail: braskem@dfking.com



Any inquires may be directed to the Information Agent at its telephone number set forth above.

The Solicitation Agent for the Consent Solicitation was:

Citigroup Global Markets Inc.

390 Greenwich Street, 1st Floor

New York, New York 10013 U.S.A.

Attn: Liability Management Group

Telephone: +1 (212) 723-6108 (collect)

Telephone: +1 (800) 558-3745 (toll-free)



THIS PRESS RELEASE IS NEITHER AN OFFER TO SELL NOR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITY.  THIS ANNOUNCEMENT IS ALSO NOT A SOLICITATION OF CONSENTS TO THE PROPOSED AMENDMENTS.  NO RECOMMENDATION IS MADE AS TO WHETHER HOLDERS OF NOTES SHOULD CONSENT TO THE PROPOSED AMENDMENTS.

SOURCE Braskem S.A.