XxSTXNEWS LATAM-OSX says still seeking $265 mln loan, no sale failure

Tue Mar 26, 2013 9:30am EDT

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Brazilian shipbuilding and ship-leasing company OSX Brasil SA is in the process of raising a $265 million short-term loan due in 2014 from foreign investors to complete an oil platform and repay existing debt, the company's press office said on Tuesday.

The Rio de Janeiro-based company, part of Brazilian billionaire Eike Batista's EBX Group, denied a report in the Estado de S. Paulo newspaper on Tuesday that efforts to sell the debt through Norwegian brokerage Pareto Securities, had failed.

Investors were unwilling to buy the notes even at a 13 percent rate of interest, Estado reported, a rate well above the 10 percent to 11 percent OSX is seeking. OSX shares fell 13.7 on Monday percent on concern about its ability to raise capital.

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