Beccar Varela and Pérez Alati Grondona Benites & Arnsten have assisted in the issuance, by Tarjeta Naranja, of simple, non-convertible into shares, unsecured Class LIV Notes, carried out in two series, for an aggregate nominal value of $8,000,000,000 Argentine pesos.
The issue was made on 5 July under the Global Programme for the Issuance of Negotiable Obligations for up to US$1,000,000, where the first series had a par value of $3,220,141,000 Argentinean pesos; and series II had a par value of $4,779,859,000 Argentinean pesos.
Banco de Galicia y Buenos Aires acted as arranger and underwriter; while Banco Itaú Argentina, Banco Patagonia, Banco Santander Argentina, Industrial Valores, Itaú Valores and Macro Securities acted as underwriters. Beccar Varela advised Tarjeta Naranja and Banco de Galicia y Buenos Aires, while PAGBAM advised the underwriters.
The Series I notes, maturing on 5 July 2023, will accrue interest at a floating rate, which will be equivalent to the sum of the Private Badlar Rate plus a cut-off margin of 2.85% n.a. and will repay 100% of the principal in a single payment on its Maturity Date.
The Series II Notes will mature on 5 July 2024, bearing interest at a variable rate, which will be equivalent to the sum of the Private Badlar Rate plus a cut-off margin of 4.99% n.a. and will repay 100% of the principal on their Maturity Date.
The Notes were locally rated “A1(arg)” and “AA-(arg)”, respectively, by FIX SCR on 1 July. They were also admitted for listing on the Argentine Stock Exchanges and Markets and authorised for trading on the Electronic Open Market.
Beccar Varela’s team was led by partner Luciana Denegri (pictured left), with the participation of senior advisor María Victoria Pavani, and lawyers María Inés Cappelletti, Julián Ojeda, Tomás Cappellini and María Belén Tschudy.
PAGBAM’s team was led by partner Diego Serrano Redonnet (pictured right), assisted by associates Nicolás Aberastury, Joaquín López Matheu and Adriana Tucci.