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Brazil’s Banco BTG Pactual tenders for $390 million of 8¾% perpetuals
By Susanna Moon
Chicago, Nov. 1 – Brazil’s Banco BTG Pactual is tendering for up to $390 million principal amount of its $1.3 billion of outstanding 8¾% perpetual non-cumulative junior subordinated notes.
BTG Pactual is offering to pay par of $1,000 principal amount until 11:59 p.m. ET on Dec. 1 plus accrued interest to but excluding the settlement date.
The principal amount includes $1,066,854,000 principal amount of notes held by the bank or its affiliates, including PPLA Investments LP, which “are considered not to be ‘outstanding’ for purposes of the indenture ..., but which will nevertheless be eligible for tender,” according to a bank announcement.
The bank and its affiliates plan to tender all or part of the notes in the offer, the release noted.
Tendered notes may be withdrawn before the end of the offer.
D.F. King & Co., Inc. (212 269-5550, 866 796-3419, fax 212 709-3328 or btgpactual@dfking.com) is the tender and information agent.
The lender is based in Sao Paulo.
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