Simpson Thacher Represents UBS and Raymond James in a Global Offering by Banco Macro Bansud S.A., the First IPO by an Argentine Company Since the Sovereign Default
04.11.06
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Simpson Thacher represented UBS and Raymond James in the first initial public offering by an Argentine company since the country's sovereign default in December 2001. The issuer, Banco Macro Bansud S.A., is a leading retail bank in Argentina. Banco Macro Bansud's common shares are listed on the Buenos Aires Stock Exchange and, with the offering, American Depositary Shares representing its common shares are now listed on the New York Stock Exchange.
The global offering consisted of approximately i) a $226 million initial public offering of ADSs in the United States, comprised of a $72 million primary offering and a $154 million secondary offering (including full exercise of the over-allotment option); ii) a follow-on $19 million public offering in Argentina; iii) a $61 million preemptive rights offer to minority shareholders in Argentina; and iv) a standby purchase obligation by the selling shareholders in the event that all preemptive rights were not exercised.
The Simpson Thacher team for this transaction included S. Todd Crider, Juan Francisco Mendez, Juliana Obregon, Jon Cantor (tax) and Sean Cotton (Blue Sky).