By Christine Van Dusen
Atlanta, June 2 – Brazil’s Globo Comunicacao e Participacoes SA, through Pontis III Ltd., sold $325 million 0% secured exchange notes due June 8, 2025 at par to yield Treasuries plus 265 basis points on Tuesday, a market source said.
The notes (Baa1/BBB+/BBB+) were talked at a spread in the Treasuries plus high-200 bps area.
BofA Merrill Lynch, Itau BBA and Santander were the bookrunners for the Rule 144A and Regulation S deal.
The secured exchange notes include a par call 90 days before the final maturity and will be exchangeable for Globo’s notes due 2025.
The media company has headquarters in Rio de Janeiro.
| Issuer: | Pontis III Ltd.
|
| Amount: | $325 million
|
| Maturity: | June 8, 2025
|
| Description: | Secured exchange notes
|
| Bookrunners: | BofA Merrill Lynch, Itau, Santander
|
| Coupon: | 0%
|
| Price: | Par
|
| Spread: | Treasuries plus 265 bps
|
| Call options: | Par call 90 days before the final maturity; exchangeable for Globo’s notes due 2025
|
| Trade date: | June 2
|
| Settlement date: | June 8
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| Fitch: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | High-200 bps area over Treasuries
|
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