Beccar Varela and Bruchou act in new issue of Banco de Galicia y Buenos Aires Notes
Beccar Varela has acted as advisor to Banco de Galicia y Buenos Aires, and Bruchou & Funes de Rioja as advisor to the underwriters, in the issuance of its Class XVI Notes.
The Class XVI Notes, simple, non-convertible into shares, unsecured, denominated, integrated and payable in US dollars abroad, were issued on 10 October for a par value of US$325,000,000, under the Frequent Issuer Regime of the CNV.
The Notes will mature on 10 October 2028, date on which 100% of the principal will be redeemed, and will accrue interest at a fixed annual nominal rate equivalent to 7.750%, payable semi-annually.
The Notes are not rated locally. Internationally, on 26 September, Moody’s Investors Service has rated the Notes as ‘Caa3’ and Standard & Poor’s has rated the Notes as ‘CCC’. In addition, the Notes are authorised for listing on the Argentine Stock Exchanges and Markets, on the Electronic Open Market in Argentina, and on the Singapore Stock Exchange.
Banco de Galicia y Buenos Aires acted as issuer and local underwriter. BofA Securities, Citigroup Global Markets, J.P. Morgan Securities and Standard Chartered Bank acted as international underwriters. Gibson Dunn acted as international advisor to Banco de Galicia y Buenos Aires, while Milbank acted as international advisor to the underwriters.
Esteban Tresserras, Enrique Cullen, Martín Berrotarán, Pilar Domínguez Pose and Fiorella Ascenso Sanabria acted as in-house counsel for Banco de Galicia y Buenos Aires.
Gibson Dunn’s team was represented by Tomer Pinkusiewicz, with associates Marie Kwon and Amaranta Chuquihuara.
Milbank team’s included partner Marcelo Mottesi, and associates Gonzalo Guitart, Agustín Videla and Pamela Molina.
Beccar Varela’s team comprised partners Luciana Denegri (pictured left) and Pedro Silvestri (pictured centre), assisted by associates María Victoria Pavani, Sofía Gallo, Julián Ojeda and María Carolina Pilchik.
Bruchou’s team was led by partner Alejandro Perelsztein (pictured right), with support from associates Ramón Augusto Poliche, Quimey Waisten and Agustín Caputo.
