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Banco Mercantil do Brasil launches buyback of 2020 notes

Banco Mercantil do Brasil SA has launched an offer to purchase for cash up to $50 million of its outstanding, 9.625% subordinated notes due 2020.

The bank will pay each holder tendering its notes on or before Oct. 24 a total consideration of $975 per $1,000 principal amount of notes. The total consideration is composed of a tender offer consideration worth $925 and an early tender premium of $50. Holders tendering their notes will also be entitled to an accrued interest.

The offer will expire on Nov. 7. The bank has set the early settlement on Oct. 26 and the final settlement on Nov. 9.