SAO PAULO Oct 28 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 and
a $30 early participation fee to investors per every $1,000
worth of the notes tendered, according to a statement. Holders
of the notes who tender the 6.5 percent bond after the early
tender period expires at 5 p.m. New York time on Nov. 8 but
before the expiration date will not be entitled to receive the
fee, 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