Banco BI Creditanstalt to exchange up to$85 million of debt

Pittsburgh, Nov. 15 - Banco BI Creditanstalt SA will offer to creditors of up to $85 million of its existing debt under its short- and medium-term debt program to exchange up to $250 million of existing debt for series 62 notes exchangeable for Boden 2012 and/or series 64 long-term notes due Aug. 3, 2013, according to a company news release.

Holders who elect to exchange their series 62 notes for the Boden 2012, which will be issued to the bank by the Argentine government, will no longer be creditors of the bank.

The issue date and face amount of the series 62 and series 64 notes is yet to be determined, the release said.

The series 62 notes will carry a rate of six-month Libor plus 1.25%. The series 64 notes will carry an interest rate of 2% over contingent margin of up to 2%, depending on the company's return on capital.

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