Beccar Varela and PAGBAM advise on Tarjeta Naranja issuance

Beccar Varela and Pérez Alati, Grondona, Benites & Arntsen assisted in the issuance of Tarjeta Naranja’s negotiable bonds

 Beccar Varela and Pérez Alati, Grondona, Benites & Arntsen have advised Tarjeta Naranja S.A. in its issuance of simple class LI notes, not convertible into shares, unsecured and payable in Pesos, which placement was made in two series (I and II), for an aggregate nominal value of $6,000,000,000,000 Argentine pesos.

Banco de Galicia y Buenos Aires S.A.U. acted as arranger and underwriter, while Banco Comafi S.A., Banco Patagonia S.A., Banco Santander Rio S.A., Industrial Valores S.A. and Macro Securities S.A. acted as underwriters. The underwriters were advised by Pérez Alati, Grondona, Benites & Arnsten (PAGBAM).

The Notes were issued on 31 January, under the Global Programme for the issuance of short, medium and/or long-term Notes for a maximum outstanding amount of up to $1,000,000,000 dollars.

The Series I Notes were issued for a nominal amount of $2,715,057,778 Argentine pesos, maturing on January 31, 2023, and will accrue interest at a variable rate, which will be equivalent to the sum of the Private Badlar Rate plus a cut-off margin of 3.99% n.a. In addition, they will repay 100% of the principal on their maturity date. The Series II Notes were issued for a nominal amount of $3,284,942,222 Argentine pesos and will mature on 31 January 2024; they will bear interest at a variable rate, which will be equivalent to the sum of the Private Badlar Rate plus a cut-off margin of 6.00% n.a. and will repay 100% of the principal on their maturity date.

The Series I Notes have been locally rated “A1(arg)”, while the Series II Notes have been locally rated “AA-(arg)” by FIX SCR S.A. Agente De Calificación De Riesgo (affiliated to Fitch Ratings) on 26 January 2022. In addition, the Notes were admitted for listing on Bolsas y Mercados Argentinos S.A. and authorised for trading on the Mercado Abierto Electrónico S.A. (Open Electronic Market).

Beccar Varela’s team was led by partner Luciana Denegri (pictured left), with the participation of senior counsel María Victoria Pavani and lawyers María Inés Cappelletti and Julián Ojeda.

PAGBAM’s team consisted of partner Diego Serrano Redonnet (pictured right) and lawyers Alejo Muñoz de Toro and Adriana Tucci.