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Panama’s Global Bank reports tenders of $230.36 million 5 1/8% notes
By Wendy Van Sickle
Columbus, Ohio, April 12 – Global Bank Corp. received and accepted tenders of $230.36 million, or 41.88%, of its $550 million of 5 1/8% senior notes due 2019 in its offer for any and all of the notes, according to a news release.
The offer expired at 8 a.m. ET on April 11.
As announced on April 4, the company offered $1,010 per $1,000 principal amount of notes.
Holders will also receive accrued interest to but excluding the settlement date, which is expected to be April 16.
The offer had some conditions, including a finance condition, which has been met, the company reported on Friday.
The company priced $300 million of 10-year notes at par to yield 5¼%, according to market sources on Friday.
The tender offer was not conditioned upon the tender of any minimum principal amount of notes.
Global Bondholder Services Corp. (212 430-3774 or 866 470-3800) is the tender and information agent.
Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) and J.P. Morgan Securities LLC (212 834-7279 or 866 846-2874) are the dealer managers.
The issuer is a bank based in Panama City.
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