Banco Macro S.A.’s $766 Million Shares Offering


Linklaters, Bruchou, Fernández Madero & Lombardi, Simpson Thacher & Bartlett and Salaverri, Dellatorre, Burgio & Wetzler Malbrán advised on the transaction

Banco Macro S.A. has priced its global primary follow-on offering of Class B ordinary shares and American Depositary Shares (“ADSs”), each representing 10 Class B ordinary shares (the “Offering”), consisting of (i) a preferential rights offering of Class B ordinary shares to existing shareholders in Argentina which expired on June 12, 2017, (ii) an offering of Class B ordinary shares in Argentina and (iii) an offering of ADSs in the United States, which has been registered with the U.S. Securities and Exchange Commission (the “SEC”). The portions of the Offering conducted in Argentina were not be registered with the SEC and were not addressed to persons in the United States. The Offering priced at US$9 per Class B ordinary share (the “Offering Price Per Share”) or US$90 per ADS for an aggregate Offering size US$666 million. Pursuant to the Offering, Banco Macro has granted the underwriters an option to purchase from Banco Macro up to an additional 11.1 million of Class B ordinary shares at the Offering Price per Share. The preferential rights offering of Class B ordinary shares to existing shareholders in Argentina represented 9.7% of the Offering.

Banco Macro intends to use the proceeds from the offering for general corporate purposes and, specifically, to be in a position to fund the expansion of credit demand in Argentina and to take advantage of potential acquisition opportunities in the Argentine banking system.

Goldman Sachs & Co. LLC is acting as Global Coordinator and Joint Bookrunner, BofA Merrill Lynch is acting as Joint Bookrunner, and Macro Securities S.A. is serving as Placement Agent in Argentina for the Offering.

In US, Linklaters LLP advised Banco Macro with a team including Conrado Tenaglia (Picture) Jeffrey Cohen, Adriana Maestas and Lauren McFadden.

In Argentina, Bruchou, Fernández Madero & Lombardi advised Banco Macro with Hugo Bruzone, José Bazán, Agustín Bauer, Alan Donaldson and Cristian Ragucci.

In US, Simpson Thacher & Bartlett LLP advised Goldman Sachs & Co. LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated with S. Todd Crider, Juan Francisco Méndez, Kirsten Davis and Francisco Zappa.

In Argentina, Salaverri, Dellatorre, Burgio & Wetzler Malbrán advised Goldman Sachs & Co. LLC y Merrill Lynch, Pierce, Fenner & Smith Incorporated with Roberto Lizondo, Marco Ferrario, Manuel Ballón, Facundo Lombardi and Julieta Fernández Tineo.

Involved fees earner: Hugo Bruzone – Bruchou, Ferna?ndez Madero & Lombardi; José María Bazán – Bruchou, Ferna?ndez Madero & Lombardi; Agustín Bauer – Bruchou, Ferna?ndez Madero & Lombardi; Alan Donaldson – Bruchou, Ferna?ndez Madero & Lombardi; Cristian Ragucci – Bruchou, Ferna?ndez Madero & Lombardi; Roberto Lizondo – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Marco Ferrario – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Manuel Ballón – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Facundo Lombardi – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Julieta Fernández Tineo – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Todd Crider – Simpson Thacher & Bartlett; Juan Francisco Mendez – Simpson Thacher & Bartlett; Kirsten Davis – Simpson Thacher & Bartlett; Conrado Tenaglia – Linklaters; Jeffrey Cohen – Linklaters; Adriana Maestas – Linklaters; Lauren McFadden – Linklaters;

Law Firms: Bruchou, Ferna?ndez Madero & Lombardi; Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Simpson Thacher & Bartlett; Linklaters;

Clients: Goldman, Sachs & Co.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Banco Macro S.A.;

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Author: Ambrogio Visconti.