trending Market Intelligence /marketintelligence/en/news-insights/trending/W8dOj4spV0d4XxO6IeM47A2 content esgSubNav
In This List

Take-up on Banco Nacional de Costa Rica US$150M tender offer exceeds max


Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Banks’ Response to Rising Rates & Liquidity Concerns

Take-up on Banco Nacional de Costa Rica US$150M tender offer exceeds max

Banco Nacional de Costa Rica received tenders worth $236.6 million in aggregate principal amount by the March 14 early deadline of its offer to buy back some of its 5.875% senior notes due 2021.

The total, disclosed March 15, well exceeds the US$150 million maximum that the company set when it launched the tender offer earlier in the month. As a result, Banco Nacional de Costa Rica said it will use a proration rate of approximately 56.7%, among other factors, in deciding which tenders it will accept.

All told, the bank expects to accept tenders totaling US$149.8 million in aggregate principal amount. The company was offering US$1,015 per US$1,000 principal amount, plus accrued interest, for those who met the early tender deadline.

The offer is set to expire at 11:59 p.m. ET on March 28, though the bank noted that it does not expect to purchase any notes tendered after the early tender deadline.

J.P. Morgan Securities LLC and Merrill Lynch Pierce Fenner & Smith Inc. are acting as dealer managers for the offer.