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Brazil's BicBanco extends consent bid to amend 5¼% notes due 2015
By Susanna Moon
Chicago, April 30 - Brazil's Banco Industrial e Comercial SA (BicBanco) said it extended the consent solicitation for its $400 million of 5¼% senior notes due Oct. 25, 2015.
The solicitation now will run until 5 a.m. ET on May 6, extended from 5 a.m. ET on April 30. The solicitation began on April 17.
As previously announced, the bank is soliciting consents to amend the definition of change of control under the note terms to designate China Construction Bank Corp. as the controlling shareholder of the bank following its acquisition of control of BicBanco.
The proposed amendment would ensure that no change-of-control put right would be triggered following the acquisition of control of BicBanco by China Construction Bank.
The noteholder meeting will take place on May 9 in London.
At least two people holding more than a majority of the notes must be present or represented in order to form a quorum. To pass the extraordinary resolution, affirmative votes must be received from no less than 75% of those voting.
The consent fee will be $1.25 per $1,000 principal amount.
The final voting deadline is 5 a.m. ET on May 8.
The solicitation agent is Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745). The tabulation and information agent is Global Bondholder Services Corp. (212 430-3774 and 866 470-3800).
BicBanco is a Sao Paulo-based lender.
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