Banco Macro SA said it plans to conduct a global primary follow-on offering of class B ordinary shares and American depositary shares, with each ADS representing 10 class B shares.
The offering will consist of a preferential rights offering of class B shares to existing shareholders in Argentina, an offering of class B shares in Argentina, and an offering of ADS in the U.S.
As decided at a shareholder meeting in April, the offering will consist of up to 74 million class B shares, or up to 85.1 million shares including the option to purchase additional ADS granted to the underwriters of the offering in the U.S.
The offering is expected to price on or around June 12, depending on market conditions. The proceeds will be used for general corporate purposes, including to fund the expansion of credit demand in Argentina.
Goldman Sachs & Co. LLC is acting as global coordinator and joint book runner, while BofA Merrill Lynch is serving as joint book runner and Macro Securities SA as placement agent in Argentina.