Grupo Financiero Galicia S.A.’s $632.5 Million Secondary Offering


Beccar Varela, Gibson, Dunn & Crutcher, Bruchou, Fernández Madero & Lombardi and Simpson Thacher & Barlett advised on the offering.

Grupo Financiero Galicia S.A. finalized is follow-on offering of 126,500,000 new Class B common shares (equivalent to US$632.500.000). Consequently, the registered capital as of the date amounts to AR$1,426,764,597. The offer was made in Argentina and in the United States, in the form of American Depositary Shares (ADSs) with the advice and participation of both local and international law firms and placement agents.

Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Securities LLC acted as international placement agents, and to the Banco de Galicia and Buenos Aires S.A. acted as local placeholder.

In Argentina, approximately 22,200,000 shares were awarded at US$ 5 per share, while in the international offering, 104,300,000 shares were awarded.

The Argentine National Securities Commission authorized this public offering. These Shares were listed on Bolsas y Mercados Argentinos and on New York NASDAQ under the symbol “GGAL”.

Grupo Financiero Galicia intends to use the proceeds from the offering to foster the evolution and growth of the business of its subsidiaries, to undertake an investment plan that contemplates new capital injection in corporations controlled by Grupo Financiero Galicia and to take advantage of possible investment opportunities.

In Buenos Aires, Beccar Varela advised Grupo Financiero Galicia S.A. with Luciana Denegri (Picture) Pedro Silvestri and María Eugenia Benítez.

In US, Gibson, Dunn & Crutcher advised Grupo Financiero Galicia S.A. with Tomer Pincusiewicz, Eric Scarazzo and Christian Carpentier.

Bruchou, Fernández Madero & Lombardi advised the placement agents with Hugo Bruzone, José Bazan, Juan Barros Moss and Emilio Díaz Reynolds.

In US, Simpson Thacher & Barlett LLP advised the placement agents with Juan Mendez, Kirsten Davis and Josefa Rodríguez.

Involved fees earner: Hugo Bruzone – Bruchou, Ferna?ndez Madero & Lombardi; José María Bazán – Bruchou, Ferna?ndez Madero & Lombardi; Juan Barros Moss – Bruchou, Ferna?ndez Madero & Lombardi; Emilio Díaz Reynolds – Bruchou, Ferna?ndez Madero & Lombardi; Luciana Denegri – Estudio Beccar Varela; Pedro Silvestri – Estudio Beccar Varela; María Eugenia Benitez – Estudio Beccar Varela; Juan Francisco Mendez – Simpson Thacher & Bartlett; Kirsten Davis – Simpson Thacher & Bartlett; Tomer Pinkusiewicz – Gibson Dunn & Crutcher; Eric Scarazzo – Gibson Dunn & Crutcher; Christian Hudson – Gibson Dunn & Crutcher;

Law Firms: Bruchou, Ferna?ndez Madero & Lombardi; Estudio Beccar Varela; Simpson Thacher & Bartlett; Gibson Dunn & Crutcher;

Clients: Merrill Lynch, Pierce, Fenner & Smith Incorporated; UBS; Banco de Galicia y Buenos Aires S.A.; Grupo Financiero Galicia S.A.;

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Author: Ambrogio Visconti.