Banco Hipotecario tenders for 10 series of notes

By Jennifer Chiou

New York, June 30 - Banco Hipotecario SA announced the start of a tender offer for all of its 10% series 1 notes due 2003, 10 5/8% series 3 notes due 2006, 13% series 4 notes due 2008, 12¼% series 6 notes due 2002, 12 5/8% series 16 notes due 2003, 9% series 17 notes due 2002, 8¾% series 22 notes due 2002, 10¾% series 23 notes due 2004, 9% series 24 notes due 2005 and 8% series 25 notes due 2005.

The Buenos Aires-based financial institution said that each series of notes is in payment default.

The company is tendering for the securities to repurchase notes that were not exchanged in the bank's exchange offer from January 2004 following the Argentine economic crisis.

Banco Hipotecario will pay 108% of the principal amount for tendered notes but no accrued or past due interest.

The offer ends at 11:59 p.m. ET on July 31.

Citigroup Global Markets Inc. is the dealer manager (800 558-3745 or call collect 212 723-6108) and Global Bondholder Services Corp. is the information agent (866 873-7700 or call collect 212 430-3774).

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