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US$500000000 Odebrecht Finance Ltd OFFERING MEMORANDUM U.S.$500,000,000 Odebrecht Finance Ltd. (incorporated with limited liability in the Cayman Islands) 7.50% Perpetual Notes Unconditionally and Irrevocably Guaranteed by Construtora Norberto Odebrecht S.A. (incorporated in the Federative Republic of Brazil) ______________ Odebrecht Finance Ltd., or the issuer, is offering U.S.$500,000,000 aggregate principal amount of its 7.50 % perpetual notes, or the notes. Interest on the notes will accrue at a rate of 7.50% per annum. The issuer will pay interest on the notes quarterly in arrears on March 14, June 14, September 14 and December 14 of each year, commencing on December 14, 2010. The notes will be perpetual notes with no fixed final maturity date and will be repaid only in the event that the issuer redeems the notes or upon acceleration due to an event of default, as described under “Description of the Notes.” The notes may, at the option of the issuer, be redeemed, in whole or in part, at 100% of their principal amount plus accrued interest and additional amounts, if any, on any date on or after September 14, 2015; provided that in the case of any partial redemption, at least U.S.$100,000,000 in aggregate principal amount of the notes must remain outstanding. The notes may also be redeemed, in whole but not in part, at any time upon the occurrence of specified events relating to Brazilian or Cayman Islands tax law, as set forth in this offering memorandum. See “Terms and Conditions.” Construtora Norberto Odebrecht S.A., or CNO, has unconditionally and irrevocably guaranteed the full and punctual payment of principal, interest and all other amounts that may become due and payable in respect of the notes. The guaranty will rank equally with the other unsecured, unsubordinated indebtedness of CNO. The issuer is a wholly-owned subsidiary of Odebrecht S.A., CNO’s parent company, and is not a subsidiary of CNO. Application has been made to list the notes on the Official List of the Luxembourg Stock Exchange and to trade the notes on the Euro MTF Market of that exchange. See “Listing and General Information.” Investing in the notes involves risks. See “Risk Factors” beginning on page 13. Price: 100% plus accrued interest, if any, from September 14, 2010 The notes (including the guaranty) have not been registered under the U.S. Securities Act of 1933, as amended, or the Securities Act. The notes may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A and to certain non-U.S. persons in offshore transactions in reliance on Regulation S. You are hereby notified that sellers of the notes may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. For more information about restrictions on transfer of the notes, see “Transfer Restrictions.” We expect that delivery of the notes will be made to investors in book-entry form through The Depository Trust Company, or DTC, on or about September 14, 2010. Joint Bookrunners and Joint Lead Managers Credit Suisse Itaú The date of this offering memorandum is September 7, 2010. TABLE OF CONTENTS Enforcement of Civil Liabilities ............................... v Management ........................................................... 69 Presentation of Financial and Other Information.... vii Principal Shareholders............................................ 72 Forward-Looking Statements .................................. ix Related Party Transactions ..................................... 73 Exchange Rates ....................................................... xi Terms and Conditions............................................. 74 Summary................................................................... 1 Taxation.................................................................. 99 The Offering ............................................................. 8 Plan of Distribution .............................................. 106 Summary Financial and Other Information of CNO11 Notice to Canadian Residents............................... 112 Risk Factors............................................................ 13 Transfer Restrictions............................................. 114 Use of Proceeds ...................................................... 24 Validity of Notes .................................................. 116 Capitalization.......................................................... 25 Independent Accountants ..................................... 116 Selected Financial and Other Information of CNO 26 Listing and General Information .......................... 117 Management’s Discussion and Analysis of Financial Index to Financial Statements................................F-1 Condition and Results of Operations of CNO ........ 31 Appendix A Summary of Certain Differences Business.................................................................. 49 Between Brazilian GAAP and U.S. GAAP……...A-1 The Issuer ............................................................... 68 - i - Unless otherwise indicated or the context otherwise requires, all references in this offering memorandum to “Construtora Norberto Odebrecht S.A.,” “CNO,” “our company,” “we,” “our,” “ours,” “us” or similar terms refer to Construtora Norberto Odebrecht S.A., and all references to “Odebrecht Finance” or the “issuer” refer to Odebrecht Finance Ltd., the issuer of the notes and a wholly-owned subsidiary of Odebrecht S.A., or Odebrecht. The term “Brazil” refers to the Federative Republic of Brazil, and the phrase “Brazilian government” refers to the federal government of Brazil. We, having made all reasonable inquiries, confirm that the information contained in this offering memorandum with regard to us is true and accurate in all material respects, that the opinions and intentions expressed in this offering memorandum are honestly held, and that there are no other facts the omission of which would make this offering memorandum as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect. We accept responsibility accordingly. ____________________________ This offering memorandum does not constitute an offer to sell, or a solicitation of an offer to buy, any note offered hereby by any person in any jurisdiction in which it is unlawful for such person to make an offer or solicitation. Neither the delivery of this offering memorandum nor any sale made hereunder shall under any circumstances imply that there has been no change in our affairs or that the information set forth in this offering memorandum is correct as of any date subsequent to the date of this offering memorandum. ____________________________ This offering memorandum has been prepared by us solely for use in connection with the proposed offering of the notes. We, as well as Credit Suisse Securities (USA) LLC and Banco Itaú Europa, S.A. – London Branch, or the initial purchasers, reserve the right to reject any offer to purchase, in whole or in part, for any reason, or to sell less than all of the notes offered by this offering memorandum. You must (1) comply with all applicable laws and regulations in force in any jurisdiction in connection with the possession or distribution of this offering memorandum and the purchase, offer or sale of the notes, and (2) obtain any required consent, approval or permission for the purchase, offer or sale by you of the notes under the laws and regulations applicable to you in force in any jurisdiction to which you are subject or in which you make such purchases, offers or sales, and neither we nor the initial purchasers have any responsibility therefor. See “Transfer Restrictions” for information concerning some of the transfer restrictions applicable to the notes. You acknowledge that: • you have been afforded an opportunity to request from us, and to review, all additional information considered by you to be necessary to verify the accuracy of, or to supplement, the information contained in this offering memorandum; • you have not relied on the initial purchasers or any person affiliated with the initial purchasers in connection with your investigation of the accuracy of such information or your investment decision; and • no person has been authorized to give any information or to make any representation concerning us or the notes other than those as set forth in this offering memorandum. If given or made, any such other information or representation should not be relied upon as having been authorized by us or the initial purchasers. In making an investment decision, you must rely on your own examination of our business and the terms of this offering, including the merits and risks involved. The notes have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not confirmed the accuracy or determined the adequacy of this offering memorandum. Any representation to the contrary is a criminal offense. - ii - The offering is being made in reliance upon an exemption from registration under the Securities Act, for an offer and sale of securities that does not involve a public offering. The notes are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and applicable state securities laws, pursuant to registration or exemption therefrom. In making your purchase, you will
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