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Report: Novo Banco bondholders approve discounted debt buyback

Novo Banco SA secured the approval of bondholders for a discounted debt buyback, Reuters reported Oct. 4.

The state-rescued Portuguese bank said it had received orders for the early redemption of bonds worth €4.74 billion, the newswire noted. The transaction enables the bank to meet its capital goal.

The buyback is an essential condition for the completion of the acquisition of Novo Banco by U.S. private equity firm Lone Star Funds.

Lone Star will take a 75% stake in the bank, injecting €750 million at deal close and another €250 million within three years. The Portuguese government hopes the transaction will close by November, Reuters added.