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Brazil’s Banco Votorantim accepts no more tenders of 7 3/8% notes
By Tali Rackner
Norfolk, Va., Oct. 6 – Brazil’s Banco Votorantim SA said it did not increase the maximum acceptance amount on the tender offer for its 7 3/8% subordinated notes due 2020 and will not accept for purchase any notes already purchased on the Sept. 23 early settlement date, according to a press release.
As previously reported, the company said investors had tendered $418,372,000 of its 7 3/8% subordinated notes due 2020 by the early tender deadline of 5 p.m. ET on Sept. 21.
The company accepted for purchase $283,129,000, or 25.07%, of the outstanding amount.
The maximum acceptance amount of $288,792,345.75 for the tender offer was set using the exchange rate of R$3.9821 per $1.00 to determine the dollar equivalent of R$1.15 billion, the release noted.
The total amount payable under the offer for notes tendered by the early tender date was $288,791,580.
Banco Votorantim paid $1,020 per $1,000 principal amount of notes tendered by the early tender date, which includes a $30 early tender payment.
The company also paid accrued interest up to but excluding the settlement date.
The tender offer had been set to end at midnight ET on Oct. 5, but the offer was over-subscribed by the early deadline. It began Sept. 8.
Under the offer, tendered notes that would have resulted in a minimum denomination below $100,000 after proration were accepted in their entirety.
The dealer managers are Banco Votorantim Securities (212 339-7350), BB Securities (44 20 7367 5800), Citigroup (212 723-6106 or 800 558-3745) and Standard Chartered bank (212 667-0351). The tender and information agent is D.F. King & Co., Inc. (212 269-5550, 800 591-8269 or bv@dfking.com).
Banco Votorantim is a lender based in Sao Paulo.
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