9/21/09

Banco Santander Brasil, the fourth largest bank in Brazil, announced terms for its IPO on Monday. The Sao Paulo, Brazil-based company plans to raise $6.8 billion by offering 525,000,000 units (in the form of units and ADRs, whereby 1 unit equals 1 ADR) at a price range of $12.19 to $13.85. Each unit represents 55 shares of common stock and 50 shares of preferred stock. At the mid-point of the proposed range, Banco Santander Brasil will command a market value of $49 billion. Banco Santander Brasil, which was founded in 2006 and booked $15.1 billion in revenue over the last 12 months, plans to list on the NYSE under the symbol BSBR, and on Brazil's BOVESPA Exchange under the symbol SANB11. Santander Investment, Credit Suisse, and BofA Merrill Lynch are the lead underwriters on the deal, which is expected to price on October 6 for trading on October 7.

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