CORRECTED-Brazil's Hypermarcas plans to buy back $300 mln of 2021 bonds
(In story datelined Oct. 28, corrects payments to be received by investors tendering bonds, 2nd paragraph)
SAO PAULO Oct 28 (Reuters) - Hypermarcas SA, the largest Brazilian producer of generic drugs and beauty care products, plans to repurchase 40 percent, or $300 million, of the $750 million in outstanding global bonds due in 2021, in a bid to reduce debt.
The São Paulo-based company will offer a $67.50 premium to investors per every $1,000 worth of the 6.5 percent bond tendered by 5 p.m. New York time on Nov. 8, unless the date is extended by the company. Those who submit their tender by the tender expiration date, anticipated for Nov. 25, will be entitled to receive a $37.50 premium, the statement added.
The offer may be increased from the current $300 million, buy-back plan at the company's discretion, the statement added. The tender offer expires at midnight on Nov. 25 unless terminated earlier or extended beyond that date by Hypermarcas.
The company hired investment banks Bradesco BBI, Citigroup Inc and Morgan Stanley & Co to manage the process. (Writing by Reese Ewing; Editing by Guillermo Parra-Bernal)