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Banco Mercantil holders tender 68.93% of 5¾% subordinated notes by offer expiration
By Mary-Katherine Stinson
Lexington, Ky., May 16 – Banco Mercantil del Norte SA Institucion de Banca Multiple Grupo Financiero Banorte (Cayman Islands Branch) announced that $202,792,000, or approximately 68.93%, of the outstanding 5¾% subordinated preferred capital notes due 2031 (ISIN: US05962GAF63, USP14008AC36) have been tendered as of the deadline of 5 p.m. ET on May 13, according to a press release.
This does not include $6 million of the notes tendered through guaranteed delivery procedures.
As previously reported, the bank announced a tender offer on May 9 to purchase any and all of its $294,219,000 outstanding subordinated preferred capital notes due 2031 at par plus interest to the settlement date.
Holders who have tendered their notes via guaranteed delivery procedures must have their documents received by 5 p.m. ET on May 17.
Settlement is expected on May 18.
Goldman Sachs & Co. LLC is the dealer manager (212 357-1452, 800 828-3182).
D.F. King & Co., Inc. is the tender agent and information agent (212 269-5550, 800 706-3274, banorte@dfking.com).
The bank will use cash on hand to fund the tender offer.
Banco Mercantil is the largest bank in Mexico in terms of total assets, deposits and stockholders’ equity that is not controlled by or affiliated with a non-Mexican financial institution.
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