C&F advises on update of Note issuance programme for Directo
Cerolini & Ferrari Abogados has advised Crédito Directo (Directo) on the update of the prospectus of its global programme for the issuance of negotiable notes not convertible into shares for up to V/N US$ 24,000,000 (or its equivalent in other currencies).
The Issuers’ Management of the National Securities Commission authorised the update on 22 May.
The firm also advised Directo, as issuer, and the underwriters on the issuance of Directo’s class XXVII notes. Thus, on 6 June, Directo issued the Class XXVII Notes under the Programme for a nominal amount of $4,528,287,517, maturing in June 2025, at a variable interest rate equivalent to the Private Badlar Rate, plus a cut-off margin of 8%, payable quarterly, the principal of which will be amortised in three instalments.
The Notes were offered to the general public and have been authorised for listing on the Argentine Stock Exchange and Markets and for trading on the Electronic Open Market.
Banco de Servicios y Transacciones acted as arranger and underwriter; while Banco Mariva, Banco Supervielle, Banco Patagonia, Banco de la Provincia de Córdoba, Industrial Valores, Banco de Valores, SBS Trading, Facimex Valores, Adcap Securities Argentina and Banco CMF acted as underwriters.
Directo’s main activity is the provision of financial assistance to individuals, through the granting of personal consumer loans mainly for financing the purchase of motorbikes, household appliances, electronic products, appliances and furniture through different indirect distribution channels, such as department stores and retail chains and shops throughout Argentina.
In-house counsels involved in the transaction were Ana Vea Murguia and Melina Lozano for Banco de Servicios y Transacciones; María Eugenia Ataefe and Pablo Augusto Antao for Banco Mariva; Carlos Caballero Pedernera and Santos Lonadi for Banco de la Provincia de Córdoba; and Miriam González, Sebastián Calzetta and Christian Ríos for Banco CMF.
Cerolini & Ferrari’s team was led by partner Agustín L. Cerolini (pictured), with support from associates Martín Chindamo, Dana König and Valentina Circolone.
