By Paul A. Harris
St. Louis, Oct. 29 - Brazil's Banco BMG SA priced a $300 million issue of 9.95% 10-year unsecured subordinated tier II notes (Ba3/B/) at 98.15 to yield 10¼% on Thursday, according to a market source.
The yield printed on top of the price talk.
Morgan Stanley, Santander, UBS Securities and BTG Pactual ran the books for the Rule 144A and Regulation S deal.
Proceeds will be used for general corporate purposes and to increase tier 2 regulatory capital.
The issuer is a Belo Horizonte, Brazil-based financial services company.
| Issuer: | Banco BMG SA
|
| Face amount: | $300 million
|
| Proceeds: | $294.45 million
|
| Maturity: | Nov. 5, 2019
|
| Securities: | Unsecured subordinated tier 2 notes
|
| Bookrunners: | Morgan Stanley, Santander, UBS Securities, BTG Pactual
|
| Coupon: | 9.95%
|
| Price: | 98.15
|
| Yield: | 10¼%
|
| Spread: | 679.6 bps
|
| Trade date: | Oct. 29
|
| Settlement date: | Nov. 5
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 10¼% area
|
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