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Banco Hipotecario tenders for $165 million of 5% dollar- and euro-denominated notes
By Caroline Salls
Pittsburgh, April 4 - Banco Hipotecario SA launched a tender offer Monday to buy up to $82.5 million of its 5% dollar-denominated notes due 2013 at a price of 92.50% and $82.5 million equivalent of 5% euro-denominated notes due 2013 at a price of 94.50%, according to a company news release.
Both prices include a 2.0% early tender premium, meaning those who tender after the 7 a.m. ET April 19 early tender date get the notes for the stated offer price less 2.0%.
The withdrawal rights deadline is also 7 a.m. ET on April 19, and the offer expires at 11:59 p.m. ET on May 3.
The tender offer is subject to a receipt of funds from a planned issue of new senior notes.
As of April 4, the bank had $343.58 million in long-term dollar-denominated notes outstanding and €264.62 million of euro-denominated notes.
Under the tender offer, the bank will pay $905 for each $1,000 of dollar-denominated notes, plus an additional $20 payment to holders who tender before the early tender date, and € 925 for each € 1.000 euro-denominated notes, plus an additional €20 payment.
For those who tender after the early tender date but before the expiration date will receive the same payments per note, minus the $20 or €20 additional payment.
The dealer managers are Citigroup (800 558-3745 in the United States and 212 723-6108 outside the United States) and Deutsche Bank (866 627-0391 in the United States and 212 250-2955 outside the United States). The information agent is Global Bondholder Services Corp. (866 873-5600).
Banco Hipotecario is a Buenos Aires -based financial institution.
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