Banco BTG Pactual SA said about $497.9 million in aggregate principal amount of its 8.750% perpetual noncumulative junior subordinated notes were tendered in a repurchase offer that expired Dec. 1, according to a statement.
The amount tendered is equivalent to 38.30% of the $1.30 billion in aggregate principal amount of the notes included in the offer. Aside from the purchase for cash of up to $390.0 million of the notes, the offer also included about $1.07 billion in notes held by the bank or its affiliates, which were not considered "outstanding" for purposes of the indenture governing them.
The bank said it expects to accept the tendered notes for purchase Dec. 6. Following this date, the bank expects $910.0 million in aggregate principal amount of the notes will remain available for trading on the Luxembourg Stock Exchange's Euro MTF market, of which about $231.9 million are expected to be deemed "outstanding."
