Bruchou and Muñoz de Toro counsel on ARCOR Notes issuance

Muñoz de Toro Abogados and Bruchou & Funes de Rioja have counselled ARCOR in the issuance of Class 19, 20 and 21 Notes.

The issuance of the Notes was carried out under the Global Programme for the Issuance of Simple Negotiable Obligations for a nominal value of up to US $1,200,000,000,000, where Muñoz de Toro advised the issuer, and Bruchou advised the arrangers and underwriters.

The Class 19 Notes were issued for a nominal amount of $8,459,677,423, maturing 12 months from the issue and settlement date, i.e. on 12 May 2024, bearing interest at an annual variable rate equal to the sum of the Badlar Rate plus the Applicable Margin of 0.99% and repaying principal in a single payment to be made on the Maturity Date. Fix Argentina and Moody’s Argentina have rated the Class 19 Notes as “A1+ (ARG)” and “ML A-1.ar”, respectively.

The Class 20 Notes were placed for a nominal amount of $13,540,322,577, maturing 24 months from the issue and settlement date, i.e. on 12 May 2025, bearing interest at an annual variable rate equal to the sum of the Badlar Rate plus the Applicable Margin of 3.95% and amortising its principal in a single payment to be made on the Maturity Date. Fix Argentina and Moody’s Argentina have rated the Class 20 Notes as “AAA (ARG)” and “AAA.ar”, respectively.

Finally, the Class 21 Notes were issued for a nominal amount of US $77,000,000, maturing 30 months from their issue and settlement date, i.e. 22 November 2025, bearing interest at a fixed annual rate of 3.5% and repaying their principal in a single payment to be made on the Maturity Date. Fix Argentina and Moody’s Argentina have rated the Class 21 Notes as “AAA (ARG)” and “AA.ar”, respectively.

The Notes have been admitted for listing on the Argentine Stock Exchanges and Markets and authorised for trading on the Electronic Open Market, being eligible by Euroclear Bank.

Banco de Galicia y Buenos Aires, Banco Santander Argentina, Banco BBVA Argentina and Banco Patagonia acted as arrangers and underwriters of the Class 19 and 20 Notes; they also acted as underwriters of the Class 21 Notes, together with Macro Securities, Banco Itaú Argentina Balanz Capital Valores, Facimex Valores, Puente Hnos. and SBS Trading. Also acting as underwriters were TPCG Valores and BACS Banco de Crédito y Securitización, in respect of the Class 19 and 20 Notes, as well as Itaú Valores and Banco Hipotecario in respect of the Class 21 Notes.

Muñoz de Toro’s team was led by Ricardo Muñoz de Toro and with the participation of Laura Gomes and Guillermina Muñoz de Toro.

Bruchou’s team was led by Alejandro Perelsztein (pictured) with the participation of Leandro Exequiel Belusci, Pedro Azumendi and Facundo Martín Suárez Loñ.