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Published on 10/4/2019 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Mexico’s Banorte reports tenders of $205.4 million 5¾% notes due 2031

By Wendy Van Sickle

Columbus, Ohio, Oct. 4 – Banco Mercantil del Norte, SA (Banorte), acting through its Cayman Islands branch, took in tenders of $205,401,000, or 41.1%, of its $500 million outstanding 5¾% subordinated preferred capital notes due 2031 in its cash offer to purchase any and all of the notes.

The amount does not include $5,655,000 of the notes tendered under guaranteed delivery procedures, according to a Friday press release.

The offer was announced on Sept. 27 and expired at 5 p.m. ET on Oct. 3.

Tenders delivered under guaranteed delivery procedures are due at 5 p.m. ET on Oct. 7.

Settlement is expected on Oct. 7 or, in the case of notes tendered under guaranteed delivery procedures, Oct. 8.

The bank is offering a tender consideration of par of $1,000 plus accrued interest.

The bank said it will finance the purchase of tendered and accepted notes with cash on hand.

Goldman Sachs & Co. LLC (800 828-3182 or 212 902-6351) and MUFG Securities Americas Inc. (877 744-4532 or 212 405-7481) are dealer managers for the tender offer.

D.F. King & Co., Inc. (877 864-5059, 212 269-5550, banorte@dfking.com and www.dfking.com/banorte) is the information and tender agent.

The bank is based in Mexico City.


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