Shearman & Sterling represented Credit Suisse Securities, J.P. Morgan Securities and BCP Securities as joint book-running managers in connection with the offering by Banco Hipotecario of Ps. 6.3 billion floating rate notes due 2022 under its $1.5 billion global note program.
The payment of principal of the floating rate notes will be made in three installments. Principal of and interest on the floating rate notes are payable in U.S. dollars. The floating rate is reset every quarter and determined by reference to a certain interest rate for fixed-term deposits published by the Argentine Central Bank plus a margin.
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.
The Shearman & Sterling team included partner Antonia Stolper (New York-Capital Markets); counsel Alejandro Gordano(London-Capital Markets); associate Erica Kassman (New York-Capital Markets); and visiting attorney Juan Vignolo (New York-Capital Markets). Other Shearman & Sterling lawyers involved in the transaction were counsel Jeffrey Tate (Washington, DC-Tax) and associates Eric Grosshandler and Daniel Kachmar (both New York-Tax).