Cerolini & Ferrari acts in new issue of Recard Notes
Cerolini & Ferrari Abogados has acted as counsel to Recard, Banco CMF, Banco Mariva, Banco de Servicios y Transacciones, Banco de Valores and Fid Aval in the second issue of Recard notes.
The issue was made on 30 September, under the Régimen PyME CNV Garantizada, for a nominal value of $800,000,000 at a variable rate with a cut-off margin of 8% and at an issue price of 100% of the nominal value of the Notes. The Notes will mature in September 2026, and their principal will be amortised in 4 consecutive semi-annual instalments, the first of them maturing on the 6th month after the issue date.
The offer was addressed to the local market and the Notes have been authorised for listing and trading on the Mercado Abierto Electrónico (MAE).
Banco CMF, Banco Mariva, BST and VALO acted as arrangers, underwriters and guarantors. In addition, Fid Aval acted as collateral provider.
Recard is a company of the Elebar card group of companies, engaged in the assembly and sale of household appliances since 1998. The company’s brand name is ‘Punto Blu’ and it currently sells a wide range of household goods through its digital platform(www.puntoblu.com.ar). In addition, its strategic partnership with ‘Tarjeta Elebar’ has facilitated the use of the 32 branches of ‘Tarjeta Elebar’ in the province of Buenos Aires as delivery points. Recard also has a retail outlet in the town of Tres Arroyos.
The in-house advisors involved in the transaction were Miriam González, Cristian Ríos and Sebastián Calzetta for Banoc CMF; María Eugenia Ataefe and Pablo Augusto Antao for Banco Mariva; and Melina Lozano for BST and Fid Aval.
Cerolini & Ferrari’s team consisted of partner Agustín L. Cerolini (pictured) and associates Martín Chindamo and Valentina Circolone.
