Banco Hipotecario S.A. Announces Exchange Offer for Any and All of Its 9.750% Series 29 Notes Due 2020
September 08, 2020 at 10:24 am EDT
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Banco Hipotecario S.A. announced it has commenced, subject to the terms and conditions set forth in the confidential exchange offer offering memorandum dated September 8, 2020 (the "Exchange Offer Offering Memorandum" and, together with the Eligibility Letter, the "Exchange Offer Documents") an offer (the "Exchange Offer") to Eligible Holders to exchange any and all of its USD 279,801,000 aggregate principal amount of outstanding 9.750% Series 29 Notes due 2020 (the "Old Notes") for 9.750% Series 4 Notes due 2025 (the "New Notes") to be issued by Banco Hipotecario Upon the terms and subject to the conditions set forth in the Exchange Offer Documents, Eligible Holders who validly tender Old Notes, and whose Old Notes are accepted for exchange by Banco Hipotecario, will receive: (i) if they tender their Old Notes on or before the Early Participation Date, USD 650.00 principal amount of New Notes and USD 350.00 in cash for each USD 1,000 principal amount of Old Notes validly tendered and accepted for exchange (collectively, the "Early Exchange Consideration"); or (ii) if they tender their Old Notes after the Early Participation Date but on or before the Expiration Date, USD 850.00 principal amount of New Notes and USD 150.00 in cash for each USD 1,000 principal amount of Old Notes validly tendered and accepted for exchange (collectively, the "Exchange Consideration"). The Exchange Offer will expire at 11:59 p.m. (New York City time) on October 5, 2020 (such date and time, as the same may be extended in the sole discretion of Banco Hipotecario, the "Expiration Date"). Old Notes tendered for exchange may be validly withdrawn at any time at or prior to 5:00 p.m. (New York City time) on September 21, 2020 (such date and time, as the same may be extended in the sole discretion of Banco Hipotecario, the "Withdrawal Date"), but not thereafter. To be eligible to receive the Early Exchange Consideration, Eligible Holders must validly tender and not validly withdraw their Old Notes at or prior to 5:00 p.m. (New York City time) on September 21, 2020 (such date and time, as the same may be extended in the sole discretion of Banco Hipotecario, the "Early Participation Date"). The deadlines set by any intermediary or relevant clearing system may be earlier than these deadlines.
Banco Hipotecario SA is an Argentina-based financial institution (the Bank) principally engaged in the banking sector. The Bank's offer includes current and saving accounts, mortgage, consumer and commercial loans, fixed-term deposits, credit and debit cards, financial advisory, cash management, export and project financing, leasing, as well as securities brokerage, among others. Its services are structured in two areas: Personal banking and Corporate banking. In addition, the Bank provides life and casualty insurance. The Bank operates domestically through a number of subsidiaries, such as BHN Sociedad de Inversion SA, BH Valores SA Sociedad de Bolsa, BACS Banco de Credito y Securitizacion SA and Tarshop SA.