Banco Hipotecario tenders for dollar-, euro-denominated notes due 2013

By Laura Lutz

Des Moines, Jan. 29 - Banco Hipotecario SA launched a tender offer for up to $56 million principal amount of its dollar-denominated notes due 2013 and up to the equivalent of $56 million principal amount of its euro-denominated notes due 2013.

The offer will expire at 11:59 p.m. ET on Feb. 27.

If the amount of tendered notes for both series is greater than the offer amounts, the tenders will be accepted on a pro rata basis. If one series is oversubscribed and one is undersubscribed, the offer amount of oversubscribed series will be raised by the amount that the other series is undersubscribed.

Holders who validly tender notes by 5 p.m. ET on Feb. 12 will receive $895 for each $1,000 principal amount of dollar-denominated notes and €885 for each €1,000 principal amount of euro-denominated notes. Those amounts include an early tender fee of $30.00 or €30.00 per $1,000 or €1,000 of notes.

Notes tendered after the early deadline will receive the same amounts, less the early tender fees.

Tenders may not be withdrawn after the early deadline.

Deutsche Bank Securities Inc. is the dealer manager (866 627-0391 or collect 212 250-2955), and Global Bondholder Services Corp. (866 873-5600 or collect 212 430-3774) is the information agent.

Banco Hipotecario is a commercial bank based in Buenos Aires.

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