Business Context and Reporting Period
This Form 6-K filing by Macro Bank Inc. (Banco Macro S.A.) is dated November 14, 2016. The document serves as a formal Notice of Redemption regarding the company's outstanding debt securities.
Key Financial Metrics and Transaction Details
- Instrument: U.S.$150,000,000 aggregate principal amount of 9.75% Fixed/Floating Rate Non-Cumulative Junior Subordinated Series 1 Notes Due 2036.
- Redemption Price: 100% of principal (U.S.$1,000 per U.S.$1,000 principal amount).
- Accrued Interest: U.S.$48.75 per U.S.$1,000 principal amount.
- Redemption Date: December 18, 2016.
- Payment Date: December 19, 2016 (due to the Redemption Date falling on a non-business day).
- Outstanding Balance Post-Redemption: None; all notes will be cancelled.
Material Changes
The filing announces the complete early redemption of the specified $150 million note series. Upon payment, the entire principal amount will be retired, and interest accrual will cease as of the Redemption Date. No financial performance metrics (revenue, profit, cash flow) are provided in this specific filing.
Guidance, Risks, and Contingencies
- Tax Withholding: Federal income tax law may require a 28% withholding on payments to holders who fail to furnish a correct taxpayer identification number.
- Default Contingency: No additional interest will accrue between the Redemption Date and Payment Date unless the Issuer defaults on the payment of the Redemption Price.
- Administrative: Certificated notes must be presented and surrendered to the Paying Agent (DB Services Americas, Inc.) to receive payment.
Investor Verification Checklist
- Verify the CUSIP (P1047VAB3 / 05963GAB4) and ISIN (USP1047VAB38 / US05963GAB41) to ensure the correct security is being redeemed.
- Confirm the submission of a valid Form W-9 or W-8 to the Paying Agent to avoid 28% tax withholding.
- Ensure certificated notes are surrendered by the Payment Date of December 19, 2016.
- Review the First Supplemental Indenture dated December 18, 2006, for full terms regarding the early redemption clause.