January 24, 2018 / 8:31 PM / a year ago

UPDATE 1-Brazil Braskem lining up $1 bln credit line with banks -source

(Adds comment from Braskem, share performance)

SAO PAULO, Jan 24 (Reuters) - Brazilian petrochemical producer Braskem SA is in talks with banks to secure a $1 billion revolving credit facility for five years, a person familiar with the negotiations said on Wednesday.

The new credit line would replace one for $750 million expiring in December, said the source, who requested anonymity because of not being authorized to speak publicly on the matter.

Asked about the talks, press representatives for Braskem said “the company maintains continuous dialogue with the market about opportunities” to extend its debt profile and improve liquidity.

Preferred shares of Braskem rose nearly 1 percent on Wednesday. (Reporting by Gabriela Mello; Editing by Chizu Nomiyama and Lisa Shumaker)

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