Banco Nacional de Costa Rica gives early results of 2023 notes tender

By Rebecca Melvin

New York, Sept. 8 – Banco Nacional de Costa Rica announced the early results of a partial tender offer commenced on Sept. 8 for up to $150 million of its 6¼% notes due 2023 (ISINs: 059613AB5, US059613AB51), according to a news release on Tuesday.

As of 5 p.m. ET on Sept. 21, holders representing $154,245,000 principal amount of notes had tendered and not withdrawn their notes, and the bank accepted $149,924,000 of those notes for purchase on a prorated basis.

Because purchasing all the notes validly tendered would cause the maximum tender amount to be exceeded, the bank is accept notes using a proration factor of about 93.27%.

The company offered a total consideration of $1,036.25 for each $1,000 principal amount of the Rule 144A and Regulation S notes.

The total consideration includes a $30 early tender premium.

Holders will also be paid accrued interest with payment expected to be made on the initial settlement date on Wednesday.

The bank also announced it is amending the terms of the offer to correct the aggregate principal amount of notes outstanding at the outset of the offer to $470,045,000 from $500 million.

D.F. King & Co., Inc. (800 591-6313, 212 269-5550 or bncr@dfking.com) is the tender agent and information agent.

BofA Securities Inc. (888 292-0070 or 646 855-8988) and J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279) and are the dealer managers.

The bank is based in San Jose, Costa Rica.

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