Agustín L. Cerolini

Cerolini & Ferrari advises on first issue of Recard Notes

Cerolini & Ferrari Abogados has advised on the first issue of Recard Notes under the Régimen PyME CNV Garantizada for a nominal value of $300,000,000.

The issue was made on February 26th, at a variable rate with a 0% cut-off margin and at an issue price of 100% of the nominal value of the Notes. The maturity date of the Notes will be February 2026, and their principal will be amortised in 4 consecutive semi-annual instalments, the first of which matures 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 and Banco de Servicios y Transacciones (BST) acted as arrangers, underwriters and guarantors of the issue.

Recard is a company of the Elebar card group of companies, dedicated to the assembly and sale of household appliances since 1998. The company’s brand name is “Punto Blu” and it currently markets a varied line of household goods through its digital platform ( In addition, its strategic partnership with “Tarjeta Elebar” 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.

In-house counsels involved in the transaction were Miriam González, Cristian Ríos and Sebastián Calzetta for Banco CMF; María Eugenia Ataefe and Pablo Augusto Antao for Banco Mariva; and Melina Lozano for BST.

Cerolini & Ferrari’s team consisted of partner Agustín L. Cerolini (pictured) and associates Martín Chindamo, Dana König and Valentina Circolone.

L Giselle Estrada