PAGBAM advises on $20m “Concepción Series III” series issue

Pérez Alati, Grondona, Benites & Arntsen has assisted in Series III of the Financial Trust “Concepción” for a total amount of USD 20 million

 Pérez Alati, Grondona, Benites & Arntsen has advised Ad Cap Securities Argentina S.A., as arranger and underwriter, Cohen S.A., as trustee, issuer and underwriter, and Banco Mariva S.A. and Banco Supervielle S.A. as co-placement agents, in the series III of the “Concepción” Financial Trust for a total amount of AR$110,000,000 (US$1,018,157.45), consisting of Class A Fiduciary Debt Securities issued for AR$88,000. 000, Class B Trust Debt Securities issued for $7,700,000 and Certificates of Participation for up to $14,300,000, awarded to Concepción, as Trustee, under its “Concepción” Global Trust Securities Programme for a total outstanding amount of up to V/N $20,000,000 US dollars.

The Trust Assets are the present and future claims arising from the deferred payment cheques and invoices of Cooperativa de Vivienda, Crédito y Consumo Concepción Ltda (“Concepción”).

The public offering was authorised by the Comisión Nacional de Valores on 22 February and the securities were issued on 3 March 2022. FIX SCR S.A. Risk Rating Agent has rated the Class A Trust Debt Securities “AAsf(arg)”, the Class B Trust Debt Securities “BBB+sf(arg)”, and the Participation Certificates “CCCsf(arg)”.

Cohen S.A. was additionally advised with the support of in-house lawyer Iván Samaniego.

PAGBAM’s team included partner María Gabriela Grigioni (pcitured left) and associates Nahuel Perez Villarreal (pictured top right), Jerónimo Juan Argonz (pictured middle right) and Francisco Vignati Otamendi (pictured bottom right).