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Argentina’s Banco Hipotecario gets tenders for 58.04% of 9¾% notes
By Susanna Moon
Chicago, Dec. 1 – Banco Hipotecario SA said investors had tendered $122,497,000, or 58.04%, of its $211,071,000 of outstanding $250 million 9¾% notes due 2016, series 5.
After settlement on Dec. 1, there will be $88,574,000 of the notes left outstanding.
Another $155,000 principal amount of the notes have been submitted under a notice of guaranteed delivery and remain subject to the delivery of the underlying notes, with settlement on Dec. 3 for those notes, according to a press release.
As previously announced, the purchase price is $1,025 for each $1,000 principal amount plus accrued interest up to but excluding the payment date.
The tender offer ended at 8 a.m. ET on Nov. 30, pushed back from 8 a.m. ET on Nov. 27. It had previously been extended from 8 a.m. ET on Nov. 24. The offer began on Nov. 10.
The offer was subject to a financing condition.
Itau BBA USA Securities, Inc. (212 710-6749 or 888 770-4828) and BofA Merrill Lynch (646 855-8988) are the dealer managers.
Holders also may contact D.F. King & Co., Inc. at 212 269-5550, 877 283-0317 or bhip@dfking.com, or go to dfking.com/bhi.
Banco Hipotecario is a Buenos Aires-based commercial bank.
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