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Shipbuilder OSX’s Bond Yields Surge as Batista Cuts Oil Forecast

June 27 (Bloomberg) -- Yields on OSX Brasil SA’s $500 million of 9.25 percent notes due in June 2018 surged to the highest level since they were issued after the oil-vessel builder’s main client cut production targets.

Yields on the debt jumped 90 basis points to 9.5 percent as of 12:40 p.m. in New York, according to data compiled by Bloomberg. The notes fell 2.05 cents to 100.15 cents on the dollar. OGX Petroleo & Gas Participacoes SA cut production estimates at its first project by as much as 75 percent. Both companies are controlled by Brazilian billionaire Eike Batista.

To contact the reporters on this story: Boris Korby in New York at bkorby1@bloomberg.net; Peter Millard in Rio de Janeiro at pmillard1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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