By Christine Van Dusen
Atlanta, June 2 – Brazil’s Globo Comunicacao e Participacoes SA, through Pontis III Ltd., sold $325 million 0% secured exchange notes due June 8, 2025 at par to yield Treasuries plus 265 basis points on Tuesday, a market source said.
The notes (Baa1/BBB+/BBB+) were talked at a spread in the Treasuries plus high-200 bps area.
BofA Merrill Lynch, Itau BBA and Santander were the bookrunners for the Rule 144A and Regulation S deal.
The secured exchange notes include a par call 90 days before the final maturity and will be exchangeable for Globo’s notes due 2025.
The media company has headquarters in Rio de Janeiro.
Issuer: | Pontis III Ltd.
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Amount: | $325 million
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Maturity: | June 8, 2025
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Description: | Secured exchange notes
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Bookrunners: | BofA Merrill Lynch, Itau, Santander
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Coupon: | 0%
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Price: | Par
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Spread: | Treasuries plus 265 bps
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Call options: | Par call 90 days before the final maturity; exchangeable for Globo’s notes due 2025
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Trade date: | June 2
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Settlement date: | June 8
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Ratings: | Moody’s: Baa1
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| Standard & Poor’s: BBB+
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| Fitch: BBB+
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Distribution: | Rule 144A and Regulation S
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Price talk: | High-200 bps area over Treasuries
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