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.
