Banco BTG Pactual S.A. Announces the Commencement of Consent Solicitation for its 8.750% Perpetual Non-Cumulative Junior Subordinated Notes
January 09, 2019 at 04:00 pm IST
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Banco BTG Pactual S.A. announced that it is soliciting the consents of holders of record as on January 8, 2019 of the company's 8.750% Perpetual Non-Cumulative Junior Subordinated Notes to enter into a first supplemental indenture governing the Notes, which will supplement the indenture dated as of September 18, 2014, among the Company, Deutsche Bank Trust Company Americas, as trustee, registrar, paying agent and transfer agent (Trustee), and Deutsche Bank Luxembourg S.A., as Luxembourg transfer agent and Luxembourg paying agent (Indenture). The proposed amendments to be made to the terms of the Notes relate to the substitution of the branch through which the Company acts as issuer of the Notes, from the Company's Luxembourg Branch to its Cayman Islands Branch, following which all payments to be made on the Notes will be through the Company's Cayman Islands Branch. Such substitution is being proposed within the context of management's reevaluation of the activities currently undertaken by the Company's Luxembourg Branch and that of its Cayman Islands Branch. The company is offering participating Holders of Notes the applicable consent fees set forth in the table below for each $1,000 principal amount of the Notes as to which the Company receives and accepts Consents prior to January 23, 2019. Holders must provide Consents to the First Supplemental Indenture in its entirety or not provide a Consent. Assuming satisfaction or waiver of all relevant conditions, acceptance by the Company of the Requisite Consents (as defined below) and execution of the First Supplemental Indenture, the Consent Fees will be paid on the third business day following the Expiration Date. Assuming the Expiration Date is January 23, 2019, the Company expects to pay the Consent Fee to eligible Holders on January 29, 2019. Interest will not accrue on or be payable with respect to the Consent Fees.
Banco BTG Pactual SA is a Brazil-based bank primarily engaged in the investment banking and investment management activities. Together with its subsidiaries, the Bank offers a range of financial services, including investment banking, corporate lending, brokerage and clearing services, asset management, wealth management, commercial and consumer banking services, merchant banking and real estate investments. Through the platform BTG Pactual digital, the Bank facilitates online retail investments. It also provides property and casualty insurance and reinsurance services. The bank has a number of subsidiaries in Brazil and abroad, with present in many Latin American countries, the United States, the United Kingdom, Luxembourg and Hong Kong.