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Banco Continental's tender offer for 2017 senior notes undersubscribed at closing

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Banco Continental's tender offer for 2017 senior notes undersubscribed at closing

BancoContinental SAECA said $54.5 million in aggregate principal amountof its outstanding 8.875% senior notes due 2017 were validly tendered by theJuly 14 closing date for its cash offer to purchase the notes.

The tendered notes represent 30.9% of the $176.5 million intotal aggregate principal amount of the notes outstanding.

The company noted that it has accepted all the tendered notesfor purchase, and the payment is expected to be made July 15.

The total purchase price offered for each $1,000 inprincipal amount of notes is $1,015.00, plus accrued and unpaid interest, thebank said when it launched the offer earlier in July.

Citigroup Global Markets Inc. served as the dealer managerfor the offer.