Luciana Denegri and Diego Serrano

Beccar Varela and PAGBAM act in new issue of HSM Notes

Beccar Varela has advised Hijos de Salvador Muñoz (HSM), and Pérez Alati Grondona Benites & Arntsen as advisor to the underwriters, in the issuance of the third class of Notes divided in two series under the Global Programme for the issuance of simple Negotiable Notes, not convertible into shares, for an outstanding par value of up to US$ 50,000,000, payable in US dollars in the Republic of Argentina.

The issue was made on 19 December where the Series I Notes were issued for a nominal value of US$1,382,752. They will mature on 19 June 2026 and will accrue interest at a fixed rate equivalent to 7.50% nominal per annum. The principal of the series I will be amortised in a single payment for an amount equal to 100% of the total principal on the maturity date.

The Series II Notes were issued for a nominal amount of US$7,929,057. They will mature on 19 December 2027 and will bear interest at a fixed rate equivalent to 9% nominal per annum. The principal of series II will be amortised in a single payment in an amount equal to 100% of the total principal on the maturity date.

The Notes, which have been locally rated ‘A(arg)’ by FIX SCR Risk Rating Agent (an affiliate of Fitch Ratings) on 12 December 2024, are admitted for listing on the Argentine Stock Exchanges and Markets and authorised for trading on the Electronic Open Market.

Banco de Galicia y Buenos Aires and Banco Santander Argentina acted as arrangers and underwriters, while Allaria, Banco Supervielle, GMC Valores, Macro Securities, and Neix acted as underwriters.

Beccar Varela’s team included partner Luciana Denegri (pictured left), with the participation of María Victoria Pavani, Julián Alejandro Ojeda, and Carlos Nicolás Saúl Lucero.

PAGBAM’s team was led by partner Diego Serrano Redonnet (pictured right), with the support of Alejo Muñoz de Toro, Nahuel Perez de Villarreal, Joaquín López Matheu and Juan Ignacio Rodriguez Goñi.

L Giselle Estrada

SHARE