New York, July 21 – Pontis III Ltd.’s new $325 million of senior secured exchangeable notes have been exchanged for the $325 million of 6¼%/9 3/8% step-up perpetual notes issued by Globo Comunicação e Participações SA, according to a notice from Globo.
Pontis purchased all of the Globo step-up notes on July 20 and amended the indenture, resulting in the issuance of amended step-up notes.
As a result, holders of the Pontis notes were issued $325 million of 4.843% senior notes due 2025 of Globo and the old Globo step-up notes and the Pontis notes were canceled. Terms of the new notes are given in the table below.
Pontis priced the exchangeable notes on June 2 at par in an offering brought to market by bookrunners BofA Merrill Lynch, Itaú BBA and Santander.
The exchangeable notes did not pay interest. They were secured by an escrow account in which the proceeds of the offering were deposited pending completion of the exchange.
Globo paid an exchange fee of $5.65 per $1,000 principal amount on the amended notes. An additional $0.1345 daily fee would have been payable if the exchange had not been completed on July 20.
To execute the transaction, Globo transferred to Pontis III the right to call the old step-up notes on July 20 at par.
Globo is a Brazilian media company based in Rio de Janeiro.
| Issuer: | Globo Comunicação e Participações SA
|
| Issue: | Senior notes
|
| Amount: | $325 million
|
| Maturity: | June 8, 2025
|
| Coupon: | 4.843%
|
| Call: | March 8, 2025 onwards at par
|
| Settlement date: | July 20
|
| Distribution: | Rule 144A, Regulation S
|
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