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Simpson Thacher represented Banco Hipotecario S.A. in connection with its Rule 144A and Regulation S offering of $250,000,000 9.75% Senior Notes due 2016, the largest debt or equity offering by an Argentine issuer since the Argentine crisis and sovereign default. Banco Hipotecario is Argentina’s leading mortgage lender and provider of mortgage-related insurance and mortgage loan services.

The proceeds from the financing were used in part to fund Banco Hipotecario's tender offer for $155,815,054 of its U.S. Dollar-Denominated Notes due 2013 and its Euro-Denominated Notes due 2013 that were issued in connection with the Bank's debt restructuring that closed in January 2004. Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. acted as the dealers in connection with the notes offering and dealer managers in connection with the tender offer.

In November 2005, the Firm had also represented Banco Hipotecario in connection with its Regulation S offering of $150,000,000 notes which was re-opened in February of 2006 when the Bank was able to issue an additional $100,000,000 of notes. These offerings represented the first debt offering by an Argentine institution that had restructured its debt following the Argentine crisis.

The Simpson Thacher team for this transaction included David Williams, Jaime Mercado, Kathryn Gettles-Atwa, Kristin Johnson, Carolina Cordova (corporate) and Jon Cantor and Helena Wolin (tax).