Brazil’s Banco Pan holders tender $650,000 more 8˝% notes in offer

By Susanna Moon

Chicago, June 21 – Banco Pan SA said investors had tendered $43,208,000 of its $500 million outstanding 8˝% subordinated notes due 2020 in the offer that ended at 11:59 p.m. ET on June 20.

As a result, Banco Pan will accept all of the tendered notes for purchase on June 23, with no proration applied, according to a company notice.

As announced May 23, Banco Pan was tendering to buy up to $100 million of the 8˝% notes.

Investors had tendered $42,558,000 of the notes as of 5 p.m. ET on June 6, the early tender date.

The total purchase price will be $925.00 for each $1,000 principal amount of notes tendered by the early deadline, which includes an early premium of $30.00 per $1,000 principal amount.

Holders who tender after the early deadline will receive $895.00 per $1,000 of notes.

Banco Pan will also pay accrued interest up to but excluding the settlement date of June 23.

Banco Bradesco BBI SA (212 888-9145), BTG Pactual US Capital, LLC (212 293-4600) and Santander Investment Securities Inc. (212 940-1422 or 855 404-3636) are the dealer managers. D.F. King & Co., Inc. (bancopan@dfking.com, 212 269-5550 or 877 283-0321) is the tender and information agent.

Banco Pan is a Sao Paulo-based bank.

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