News & Events

The Firm represented Banco Hipotecario S.A. in its offering of $200 million aggregate principal amount of 9.75% Global Notes due 2020, issued under a US$800 million Global Note Program. Banco Hipotecario is using the net proceeds from the offering for (i) working capital in Argentina, (ii) refinancing of outstanding debt, including, without limitation, the repurchase and cancellation of approximately US$122 million of aggregate principal amount of its outstanding 9.75% Notes due 2016, pursuant to a tender offer conducted in accordance with the new five business day protocol, (iii) investments in tangible assets located in Argentina, or (iv) loan origination in accordance with the Argentine Central Bank Accounting Rules and regulations; provided that such loans are used for any of the above purposes. The offering was conducted in reliance on Rule 144A and Regulation S.

Established in 1886 by the Argentine government and privatized in 1999, Banco Hipotecario is a full-service, inclusive commercial bank, offering a wide range of banking products and activities and related financial services to individuals, small and medium-sized companies and large corporations. All of Banco Hipotecario’s operations are located in Argentina, where it operates through a nationwide network of branches in all provinces and the Autonomous City of Buenos Aires, with additional points of sale across Argentina. Banco Hipotecario’s principal shareholders are the Argentine government and IRSA Inversiones y Representaciones Sociedad Anónima, a leading real estate company in Argentina listed on the Mercado de Valores de Buenos Aires S.A. and on the New York Stock Exchange. 

The Simpson Thacher team included David Williams, Jaime Mercado, Kirsten Davis, Rodrigo Surcan dos Santos, Alejandro Milá Valle and Edgard Pascarelli de Assumpção (Capital Markets); and Jonathan Cantor and Taylor Alexander (Tax).