Banco Hipotecario S.A. Announces Settlement Of The Cash Tender Offer For Any And All Of Its 9.75% Notes Due 2016, Series 5

CIUDAD AUTONOMA DE BUENOS AIRES, Argentina, Dec. 1, 2015 /PRNewswire/ -- Banco Hipotecario S.A. (the "Bank") today announced the settlement of its tender offer to purchase for cash (the "Tender Offer") any and all of its outstanding 9.75% Notes due 2016, Series 5 (the "Eligible Notes"). The principal purpose of the Tender Offer was to retire and cancel the Eligible Notes purchased by the Bank in the Tender Offer. As previously announced by the Bank, the expiration of the Tender Offer was extended until, and expired at, 8:00 a.m. (New York City time) on November 30, 2015 (the "Expiration Time").

Except for the extensions of the Expiration Time described in the Bank's press releases dated November 24, 2015 and November 27, 2015 (the "Extension Press Releases"), all other terms and conditions of the Tender Offer remain in full force and effect.  Such terms and conditions are described in the offer to purchase, dated November 9, 2015 (the "Offer to Purchase") and the related Letter of Transmittal and Notice of Guaranteed Delivery (as these terms are defined in the Offer to Purchase and, collectively, as modified by the Extension Press Releases, the "Offer Documents") previously distributed to the holders of the Eligible Notes. The following table sets forth certain information relating to the Eligible Notes:

The consideration per US$1,000 principal amount of the Eligible Notes will be US$1,025 (the "Consideration").

The Bank has been advised that, as of 8:00 a.m. (New York City time) on November 30, 2015, US$122,497,000, or approximately 58.04%, in aggregate principal amount of the Eligible Notes outstanding had been validly tendered and not validly withdrawn pursuant to the Tender Offer, and an additional US$155,000 in aggregate principal amount of the Eligible Notes had been submitted pursuant to a Notice of Guaranteed Delivery and remain subject to the delivery of the underlying Eligible Notes, as further described below.

Upon the terms and subject to the conditions of the Tender Offer set forth in the Offer Documents, all Eligible Notes validly tendered and not validly withdrawn at or prior to the Expiration Time have been accepted for purchase and will be paid in full by the Bank on December 1, 2015 (the "Settlement Date"). All Holders who validly tendered and did not validly withdraw their Eligible Notes at any time at or prior to the Expiration Time will receive the Consideration.  In addition, holders whose Eligible Notes are purchased in the Tender Offer will be paid accrued and unpaid interest on their purchased Eligible Notes from the last interest payment date up to, but not including, the Settlement Date.

Payment by the Tender Agent for Eligible Notes tendered and accepted for payment pursuant to a Notice of Guaranteed Delivery is expected to occur on December 3, 2015, subject to, and after, receipt by the Tender Agent of a properly completed and duly executed Letter of Transmittal and all other documents required by the Letter of Transmittal, no later than the close of business on December 2, 2015, the second business day after the Expiration Time, all as provided in the Offer to Purchase.

Information Relating to the Tender Offer

Itau BBA USA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as the Dealer Managers for the Tender Offer. Investors with questions may contact Itau BBA USA Securities, Inc. at +1 (212) 710-6749 or +1 (888) 770-4828 (U.S. toll-free) or Merrill Lynch, Pierce, Fenner & Smith Incorporated at +1 (646) 855-8988.

This press release is neither an offer to sell nor a solicitation of offers to buy any securities. The Tender Offer was made only pursuant to the Offer Documents. The Tender Offer was not being made to holders of Eligible Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. None of the Bank, the Dealer Managers, the Tender Agent, the Information Agent or the Trustee for the Eligible Notes makes any recommendation in connection with the Tender Offer.

About the Bank

Established in 1886 by the Argentine government and privatized in 1999, the Bank 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 the Bank'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. The Bank's principal shareholders are the Argentine government and IRSA Inversiones y Representaciones Sociedad Anonima, 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.

Forward-Looking Statements

This press release contains certain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes to differ materially from current expectations. These statements are likely to relate to, among other things, the Bank's goals, plans and projections regarding its financial position, results of operations, cash flows, market position, expenses, performance or results of current and anticipated products and services and the outcome of contingencies such as legal proceedings and financial results, which are based on current expectations that involve inherent risks and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years. The Bank undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Banco Hipotecario S.A.