Simpson Thacher Represents Credit Suisse and UBS in Tier 1 Capital Debt Offering by Banco Macro S.A.
12.21.06
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Simpson Thacher represented UBS and Credit Suisse in the first Tier 1 Capital debt offering from Argentina. The issuer, Banco Macro S.A., sold U.S.$150 million of 9.75% Fixed/Floating Rate Non-Cumulative Junior Subordinated Bonds Due 2036 in a global offering under Rule 144A and Regulation S. The notes were issued pursuant to a newly established GMTN Program and qualify as Tier 1 Capital under new banking regulations promulgated by the Argentine Central Bank.
Banco Macro is a leading retail bank in Argentina. It completed an IPO in the U.S. in March 2006, the first since Argentina's sovereign default in 2001, and its ADSs are listed on the New York Stock Exchange.
The Simpson Thacher team for this transaction included Todd Crider, Juan Francisco Méndez, Pablo Rojo, Jon Cantor (tax), Anne Goldstein (tax) and Lindsey Cei (paralegal).