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Paraná Banco to issue up to 500M reais of notes

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Paraná Banco to issue up to 500M reais of notes

The board of Paraná Banco SA approved an issuance of securities, locally known as letras financeiras, for up to 500 million Brazilian reais, the bank said in a filing.

The securities will be issued in two tranches, with the first one having a term of 24 months and five days and the other one having a 36-month term. The notes will carry a coupon equivalent to the interbank deposit rate, which is calculated by B3 SA - Brasil Bolsa Balcão, plus a spread of up to 0.55% for the first tranche and 0.65% for the second tranche.

Proceeds from the offering will be used to finance and support the growth of the company's loan portfolios.

As of Oct. 10, US$1 was equivalent to 4.11 Brazilian reais.