Panama’s Global Bank reports $216.2 million early tenders of 4¾% notes

By Wendy Van Sickle

Columbus, Ohio, Oct. 13 – Global Bank Corp. said tenders of $216.2 million, or about 72.02%, of its outstanding 4¾% notes due 2017 were received by the early deadline through an offer by Deutsche Bank Securities Inc.

The early deadline will not be extended, according to a Thursday press release.

The total purchase price will be $1,033.75 for each $1,000 principal amount of notes tendered by 5 p.m. ET on Wednesday, the early tender date.

The total amount includes an early tender premium of $50.00 per $1,000 principal amount.

Holders who tender after the early deadline will receive $983.75 per $1,000 of notes.

The tender offer, which was announced Sept. 29, will end at 11:59 p.m. ET on Oct. 26.

The company also will pay accrued interest to but excluding the settlement date, which is expected to be Oct. 19 for early tendered notes.

Global Bank “has consented” to the offer but will not be making it, according to the press release. The notes purchased by Deutsche Bank under the offer will be sold back to Global Bank, to be paid for with proceeds from the issue of senior notes.

Deutsche Bank Securities Inc. (212 250-2955 or 866 627-0391), Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) and J.P. Morgan Securities LLC (212 834-7279 or 866 846-2874) are the dealer managers.

The issuer is a bank based in Panama City, Panama.

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