Banco Pichincha gets consents for all $25 million floating-rate convertibles

By Jennifer Chiou

New York, May 22 - Banco Pichincha CA announced the successful end of its solicitation of consents to amend the indenture and collateral control agreement for its $25 million of floating-rate U.S. Treasury-collateralized convertible bonds due 2012.

At the end of the solicitation at 3:30 a.m. ET on Thursday, the bank had received consents for all of the floaters.

The deadline had been pushed back from 5 p.m. ET on April 29.

The Quito, Ecuador, bank was seeking consents to allow it to replace collateral with additional U.S. Treasury securities, U.S. Treasury bills or cash and to permit Pichincha to invest cash collateral in, or replace cash collateral with, U.S. Treasury bills having a maturity of one year or less.

Pichincha said it will pay a consent fee of $2.50 for each $1,000 principal amount of bonds.

Standard Bank plc was the solicitation agent (attn: Jay Tom, 212 407-5174, or Carl Piccolo, 44 20 7815 3142). Bondholder Communications Group was the information agent (attn: Betty Peralta, 44 20 7382 4580 or fax 44 20 7067 9239, or call collect at 212 809-2663 or fax 212 437-9827).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.