Chicago, July 27 – Banco Mercantil del Norte, SA (Banorte) sold $500 million 8 3/8% perpetual, non-preferred, non-accumulating tier 1 capital notes (Ba2/BB-), according to a notice.
The notes are callable after the 10th year.
The notes were issued through Banorte’s Cayman Islands Branch.
Proceeds will be used for general corporate purposes.
Banorte is a lender based in Monterrey, Mexico.
| Issuer: | Banco Mercantil del Norte, SA (Banorte)
|
| Issue: | Perpetual tier 1 capital notes
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| Amount: | $500 million
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| Maturity: | Perpetual
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| Coupon: | 8 3/8%
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| Call: | 10 years of call protection
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| Pricing date: | July 9
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB-
|
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