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Banco do Brasil extends exchange offer payment for 8½% perpetuals
By Susanna Moon
Chicago, Oct. 7 – Banco do Brasil SA, Grand Cayman Branch said it extended the total payment to all holders who exchange their 8½% perpetual non-cumulative junior subordinated securities.
As previously reported, an exchange offer for the outstanding $1.5 billion of securities began Sept. 24 and will run until 11:59 p.m. ET on Oct. 21.
The exchange price now will be $1,180 per $1,000 principal amount regardless of when the notes are tendered in the offer. Before the change, the total exchange price was only to be paid to holders who tendered their notes by 5 p.m. ET on Oct. 6, the early exchange date.
The total exchange value includes an early exchange payment of $30 per $1,000 of securities.
All other offer terms remain unchanged, according to a press release.
In exchange, the bank is offering new 8½% perpetual non-cumulative junior subordinated securities, as previously announced.
The bank also will pay accrued interest up to but excluding the settlement date.
Tendered notes may no longer be withdrawn as of the early exchange deadline.
Also, soliciting dealers may be eligible to receive a soliciting dealer fee of $1.50 per $1,000 principal amount.
The exchange offer is conditioned on a minimum of $500 million principal amount of the new securities being issued in the offer, as previously noted.
The information agent and exchange agent is D.F. King & Co., Inc. (banks and brokers 212 269-5550, others 877 283-0319, attn: Krystal Scrudato, email bb@dfking.com).
The exchange offer is only being made to holders who are qualified institutional buyers under Rule 144A or persons other than U.S. persons under Regulation S.
Banco do Brasil is a lender based in Brasilia, Brazil.
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