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Brazil’s Banco Votorantim begins tender for 7 3/8% subordinated notes
By Angela McDaniels
Tacoma, Wash., Sept. 8 – Banco Votorantim SA began a tender offer for its 7 3/8% subordinated notes due 2020, according to a company news release.
The company will spend up to the dollar equivalent of R$1.15 billion, calculated using the exchange rate on Sept. 21, on the offer. This maximum acceptance amount represents the total consideration available for the tender offer, including the payment of the early tender payment but excluding accrued interest.
If the maximum acceptance amount had been calculated on Sept. 8, it would have been $302.4 million.
As of Sept. 8, the principal amount of notes outstanding was $1,129,300,000, which excludes $20.7 million principal amount of notes held by Banco Votorantim.
The company will pay $1,020 per $1,000 principal amount of notes tendered by the early tender date, 5 p.m. ET on Sept. 21. This includes a $30 early tender payment.
Holders who tender after the early tender date but at or prior to the expiration date and whose notes are accepted for purchase will receive $990 per $1,000 principal amount of notes accepted for purchase.
The company will also pay accrued interest up to but excluding the applicable settlement date.
The tender offer will expire at midnight ET on Oct. 5.
If the tender offer is fully subscribed as of the early tender date, holders who tender notes after the early tender date will not have any of their notes accepted for purchase.
The notes are denominated, and accordingly may only be tendered, in minimum principal amounts of $100,000 and integral multiples of $1,000 in excess thereof.
The dealer managers are Banco Votorantim Securities (212 339-7350), BB Securities (44 20 7367 5800), Citigroup (212 723-6106 or 800 558-3745) and Standard Chartered bank (212 667-0351). The tender and information agent is D.F. King & Co., Inc. (212 269-5550, 800 591-8269 or bv@dfking.com).
Banco Votorantim is a lender based in Sao Paulo.
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