Business

Brazil's Inter approves a BRL 5.5 billion unit offering

According to the document, the follow-on has StoneCo as anchor investor, with a commitment to subscribe for common shares and/or units corresponding to an equity stake of up to 4.99% of Inter's total capital stock

Banco Inter's new headquarters
Inter's new headquarters in the city of Belo Horizonte. Photo: Courtesy
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  • Based on the price set per unit, the total amount of the offering, including the additional lot, may reach BRL 5.5 billion;
  • SoftBank has expressed its intention that it may exercise its priority right and eventually make an add-on within the scope of the offer.

Brazil‘s Banco Inter‘s board of directors approved a primary offer of units with restricted efforts in the order of BRL 5.5 billion, according to a material fact sent to the Brazilian Securities and Exchange Commission on Tuesday.

Each unit is formed by 1 common share and 2 preferred shares issued by Inter. The price per unit was set at BRL 57.84 and the price per share was set at BRL 19.28.

Based on the price fixed per unit, the total amount of the offering, including the additional lot, may reach BRL 5.5 billion. The final volume of the offering is expected to be announced on June 24.

READ ALSO: Brazil’s Inter hires banks for potential follow-on, calls EGM for capital increase

According to the document, the follow-on has StoneCo as anchor investor, with a commitment to subscribe for common shares and/or units corresponding to an equity stake of up to 4.99% of Inter’s total capital stock, limited to an investment amount of BRL 2.5 billion.

Also, according to Inter, SoftBank, through its subsidiary LA BI Holdco LLC, a strategic investor in Inter since 2019, has expressed its intention that it may exercise its priority right and possibly make an additional investment in Inter under the offering.

READ ALSO: Banco Inter: corporate reorganization to list on Nasdaq and a new deal with StoneCo

Bradesco BBI, BTG Pactual, Bank of America, Itaú BBA, JPMorgan, and UBS BB are the underwriters.

(Translated by LABS)

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