Espirito Santo Sells Bradesco Share Convert

Espirito Santo Sells Bradesco Share Convert

Brazil Equity

Portugal’s Banco Espirito Santo has sold $1bn in bonds that are convertible into shares of Brazilian bank Bradesco. The 2013s priced at par with a 1.625% coupon. The bonds are convertible after 1 year at a reference price, set at BRL25.0929, plus a 35% premium, says the prospectus. The exchange price is $19.0215. One bond initially represents 5,257.2089 shares. Proceeds from the A1/A+ Reg S transaction will help fund the bank’s general capital requirements. Credit Agricole, Espirito Sa

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