Argentina's Banco Hipotecario sets subscription period for notes sale

By Caroline Salls

Pittsburgh, Oct. 3 - Banco Hipotecario SA said Monday that the subscription period for the sale of up to ARS 80 million series I variable-rate 18-month notes would begin on Oct. 4 and expire on Oct. 12, according to a news release.

As previously reported, the notes will be sold at par under the bank's $500 million global notes program.

The issuance amount can be increased to ARS 120 million.

The notes will accrue interest at the private Badlar rate plus a margin, which is yet to be determined.

The minimum subscription amount will be ARS 400,000, and the notes will be sold in ARS 1,000 increments after that.

Fitch Argentina Calificadora de Riesgo SA rated the notes AA-(arg), and Standard & Poor s International Ratings, LLC rated them raAA.

BACS Banco de Credito y Securitizacion SA is the agent and bookrunner.

Banco Hipotecario is a Buenos Aires-based commercial bank.

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