Brazil’s Banco Pan tenders for $100 million of 8˝% subordinated notes

New York, May 23 – Banco Pan SA announced a tender offer to buy up to $100 million of its $500 million of outstanding 8˝% subordinated notes due 2020.

The issuer is offering $925.00 per $1,000 principal amount of the notes tendered by the early deadline of 5 p.m. ET on June 6, according to a news release.

Included in the amount is an early tender payment of $30.00 per $1,000 principal amount. Holders who tender after the early deadline will receive $895.00 per $1,000.

Banco Pan will also pay accrued interest up to but excluding the settlement date.

The tender ends at 11:59 p.m. ET on June 20.

Banco Bradesco BBI SA (212 888-9145), BTG Pactual US Capital, LLC (212 293-4600) and Santander Investment Securities Inc. (212 940-1422 or 855 404-3636) are the dealer managers. D.F. King & Co., Inc. (bancopan@dfking.com, 212 269-5550 or 877 283-0321) is the tender and information agent.

Banco Pan is a Sao Paulo-based bank.

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