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Published on 5/20/2014 in the Prospect News Emerging Markets Daily, Prospect News High Yield Daily, Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Brazil's BicBanco 5¼% noteholders give up change-of-control put right

By Angela McDaniels

Tacoma, Wash., May 20 - Banco Industrial e Comercial SA (BicBanco) received enough consents from the holders of its $342.97 million of outstanding 5¼% senior notes due Oct. 25, 2015 to amend the notes, according to a company news release.

The bank solicited consents to amend the definition of change of control under the note terms to designate China Construction Bank Corp. as the controlling shareholder of the bank following its acquisition of control of BicBanco.

The amendment will ensure that no change-of-control put right will be triggered following the acquisition of control of BicBanco by China Construction Bank.

At a bondholder meeting on May 20, $159,926,000 principal amount of notes were represented, and the holders of $159,326,000 of those notes voted in favor of the extraordinary resolution.

The consent solicitation began April 17 and was extended to May 6 from April 30. The bondholder meeting was adjourned to May 20 from May 9.

The consent fee is $1.25 per $1,000 principal amount of notes.

The solicitation agent was Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745). The tabulation and information agent was Global Bondholder Services Corp. (212 430-3774 and 866 470-3800).

BicBanco is a Sao Paulo-based lender based in Sao Paulo.


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