By Reshmi Basu
New York, Feb. 24 - Banco Industrial e Comercial SA (BicBanco) sold an upsized $120 million offering of 10-year tier 1 notes at par to yield 9¾%, according to a market source.
The deal, increased from $100 million, came at the tighter end of price guidance. Guidance had been set at 9¾% to 9 7/8%.
The issue is callable after five years. If not called, the coupon steps up by 771 basis points over the prevailing spread when the bond was priced.
Dresdner Kleinwort Wasserstein was the bookrunner.
BicBanco is a privately owned niche Brazilian bank specializing in the short-term secured corporate lending.
| Issuer: | Banco Industrial e Comercial SA (BicBanco)
|
| Amount: | $120 million
|
| Issue: | Tier 1 notes
|
| Maturity: | March 3, 2016
|
| Coupon: | 9¾%
|
| Issue price: | Par
|
| Yield: | 9¾%
|
| Spread: | 514 basis points more than Treasuries
|
| Call option: | Callable at par on March 10, 2010
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 3
|
| Bookrunner: | Dresdner Kleinwort Wasserstein
|
| Price guidance: | 9¾% to 9 7/8%
|
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