Brazil's Banco Votorantim to sell $200 million 10-year notes late next week

By Paul A. Harris

St. Louis, Sept. 22 - Brazil's Banco Votorantim will begin a roadshow Tuesday in London for a $200 million offering of notes maturing in 2015 (expected ratings Ba3/BB-), according to a market source.

The roadshow moves to the United States on Wednesday and Thursday. Pricing is expected thereafter.

Deutsche Bank Securities has the books for the Rule 144A/Regulation S offering.

The notes will pay a fixed interest rate for the first five years and will contain a one-time par call at year five.

If the notes are not called, then the coupon steps up to 150% of original spread; that spread will be calculated against the yield that the five-year U.S. Treasury pays at the time the step-up goes into effect.

The prospective issuer is a financial institution with headquarters in Sao Paulo, Brazil.

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