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Banco do Brasil looks to repurchase up to $700M of perpetual notes


According to Market Intelligence, February 2023


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Banco do Brasil looks to repurchase up to $700M of perpetual notes

Banco do Brasil SA has launched tender offers to purchase for cash up to $700.0 million in aggregate principal amount of its outstanding perpetual notes, according to a press release.

The bank, acting through its Grand Cayman branch, is looking to purchase up to $600.0 million of its 8.500% perpetual noncumulative junior subordinated notes and up to $100.0 million of its 9.250% perpetual noncumulative junior subordinated notes.

According to the statement, the aggregate principal amount outstanding is currently about $1.50 billion for the 8.500% notes and roughly $1.40 billion for the 9.250% notes.

Including an early tender premium of $30.00, the total consideration to be paid per $1,000 in principal amount of notes tendered is $1,110.0 for the 8.500% notes and $1,095.00 for the 9.250% notes.

The tender offers will expire on April 16, the bank said, noting that the early tender date has been set at April 3. The offers are not subject to any minimum principal amount of notes tendered.

D. F. King & Co. Inc. is serving as the tender and information agent for the offers, while BB Securities Ltd., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are acting as dealer managers.