C&F and PAGBAM advise on BSF’s new issue of Notes
Cerolini & Ferrari Abogados has advised Banco de Servicios Financieros (BSF), as issuer, and Pérez Alati Grondona Benites & Arntsen advised the underwriters, in the issuance of class 25 notes for a par value of $14,055,000,000.
The issue was made on 28 November under the framework of its Global Programme for the Issuance of Negotiable Obligations for up to a nominal value of US$ 250,000,000,000 or its equivalent in other currencies, maturing in November 2025, at a variable interest rate equivalent to the Private Badlar Rate, plus a 7% cut-off margin, payable quarterly, whose principal will be amortised in an instalment equivalent to 100% of the nominal value on the maturity date of the Notes.
The Notes were offered to qualified investors in the local market and have been authorized for listing on the Argentine Stock Exchanges and Markets and for trading on the Electronic Open Market.
Macro Securities, Balanz Capital Valores, Banco Supervielle, Banco Santander Argentina, Banco Comafi and Banco Patagonia acted as underwriters.
BSF is a financial institution that develops its business within the specialised banking segment, centralising its activity in the consumer credit sector.
In this respect, BSF’s activity is aimed at retail financing, and essentially oriented towards the financing of end customers, purchasers of products marketed by INC S.A. (operator of the Carrefour Group’s supermarket chain in Argentina).
The financing granted to customers of the various Carrefour Group stores in Argentina is offered through the Carrefour Card, issued by BSF, and also through personal loans granted to those customers who already have such credit card. The financing is granted, depending on the line of business in question, either exclusively for the purchase of products marketed by Carrefour Group stores in Argentina or for other purposes.
Eduardo Dezuliani and Melisa Peralta acted as in-house counsels to BSF.
C&F’s team included partner Agustín L. Cerolini (pictured left) and associates Martín Chindamo and Valentina Circolone.
PAGBAM’s team comprised partner Diego Serrano Redonnet (pictured right), counsel Alejo Muñoz de Toro and associates Nahuel Perez de Villarreal and Tamara Friedenberger.
