Brazil-based Hypermarcas said it would be conducting a share buyback of bonds. The largest generic drug and beauty care products maker would be repurchasing 40% of the USD 750 million outstanding bonds which would mature in 2021. The share buyback would be made to enable the company to lower its debt. The buyback would be worth USD 300 million.

In a statement, Hypermarcas said it was offering a USD 67.50 per share premium and a USD 30 participation fee for every USD 1,000 worth of notes tendered in the early tender period. The early tender period for the offer would expire on November 8 at 5 pm New York time. Note holders who would tender the 6.5% bond after the expiration of the early tender period would not be getting the participation fee.

The expiry date for the tender offer would be on midnight of November 25.Hypermarcas, however, would be able to end the offer earlier or later than the scheduled deadline. The company, at its discretion, could also increase the USD 300 million share repurchase plan.