Banco Hipotecario accepts $129.76 million, €20.63 million 5% notes in tender

By Caroline Salls

Pittsburgh, May 4 - Banco Hipotecario SA accepted tenders from holders of $129.76 million of its long-term dollar-denominated notes and €20.63 million of euro-denominated notes under its offer to buy up to $82.5 million of its 5% dollar-denominated notes due 2013 and $82.5 million equivalent of its 5% euro-denominated notes due 2013, according to a company news release.

The offer expired at 11:59 p.m. ET on Wednesday. The company said it will buy back the notes on Monday.

After the buyback, there are $213.81 million of the dollar-denominated notes and €243.99 million of the euro-denominated notes outstanding.

Under the tender, the company was offering 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%.

Both prices include a 2.0% early tender premium.

The tender offer was subject to the receipt of funds from an issue of new senior notes.

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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