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

By Jennifer Chiou

New York, Feb. 28 - Banco Hipotecario SA said it accepted tenders from holders of $16.54 million of its dollar-denominated notes due 2013 and the equivalent of $44.52 million of its euro-denominated notes due 2013 in an offer for up to the equivalent of $56 million principal amount of each series.

The offer expired at 11:59 p.m. ET on Feb. 27. It began on Jan. 29.

Holders who validly tendered 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 or €30 per $1,000 or €1,000 of notes.

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

Settlement is set for March 3.

Tenders could not be withdrawn after the early deadline.

If the amount of tendered notes for both series had been greater than the offer amounts, the tenders would have been accepted on a pro rata basis. If one series had been oversubscribed and one had been undersubscribed, the offer amount of oversubscribed series would have been raised by the amount that the other series was undersubscribed.

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

Banco Hipotecario is a commercial bank based in Buenos Aires.

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