Banco do Brasil tenders for $200 million 9¼% subordinated perpetuals

By Susanna Moon

Chicago, June 10 – Banco do Brasil SA, Cayman Islands branch said it began a tender offer for up to $200 million of its $1,598,627,000 outstanding 9¼% perpetual non-cumulative junior subordinated securities.

The total purchase price will be $832.50 for each $1,000 principal amount of notes tendered by 5 p.m. ET on June 23, the early tender date.

The total amount includes an early tender premium of $30.00 per $1,000 principal amount.

Holders who tender after the early deadline will receive $802.50 per $1,000 of notes.

The tender offer will end at 11:59 p.m. ET on July 8. Tendered notes may be withdrawn before the early deadline.

The company also will pay accrued interest to but excluding the settlement date, which is expected to be June 27 for early tendered notes.

There is a soliciting dealer fee of 0.25% of par for retail brokers that are appropriately designated by their clients to receive this fee. The soliciting dealer fee will only be paid to each designated retail broker for each tendering holder that tenders notes with an aggregate principal amount of $500,000 or less.

D. F. King & Co., Inc. (212 269-5550, 800 821-2794, +44 20 7920 9700, +852 3953 7230, fax 212 709-3328 and confirmation 212 232-3235 or bb@dfking.com) is the tender agent and information agent. BB Securities Ltd. (+44 20 7367-5800), Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and BofA Merrill Lynch (888 292-0070 or 646 855-8988) are the dealer managers.

The bank is based in Brasilia, Brazil.

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