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Banco Mercantil do Brasil gets tenders for $21 million 9 5/8% notes
By Susanna Moon
Chicago, Nov. 8 – Banco Mercantil do Brasil SA said holders had tendered $20,843,000 of its $155,383,000 outstanding 9 5/8% subordinated notes due 2020 in the offer that ended at 11:59 p.m. ET on Nov. 7.
After settlement, the principal amount of notes left outstanding will be $134.54 million, according to a company update on Thursday.
As announced Oct. 11, the bank is tendering for up to $50 million of the notes at a purchase price of $975 per $1,000 of notes.
Banco Mercantil amended the terms of the offer on Oct. 25 so that holders who tendered after the early deadline would also receive the total purchase price.
Originally, holders who tendered after the early deadline would have received the base payment of $925 per $1,000 of notes, or the total amount less the early tender premium of $50 per $1,000 principal amount of notes.
Holders had tendered $18,043,000 of the as of the early deadline at 5 p.m. ET on Oct. 24.
The company also will pay accrued interest to but excluding the settlement date, which will be Oct. 26 for early tendered notes and Nov. 9 for remaining tenders.
The dealer manager is Goldman Sachs & Co. LLC (212 902-6351 or 800 828-3182).
The tender agent and information agent is D.F. King & Co., Inc. (212 269-5550, 800 967-5019 or mercantil@dfking.com).
Banco Mercantil is a lender based in Belo Horizonte, Brazil.
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