C&F and PAGBAM advise on new BSF issue

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 24 notes for a par value of $10,000,000,000.

The issue was made on 2 February under the Global Programme for the Issuance of Negotiable Obligations for up to a nominal value of USD 250,000,000,000 or its equivalent in other currencies, maturing in February 2025, at a variable interest rate equivalent to the Private Badlar Rate, plus a cut-off margin of 3.75%, 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 authorised for listing on the Argentine Stock Exchange and Markets and for trading on the Electronic Open Market.

BSF is a financial institution that develops its business within the specialised banking segment, focusing its activity on 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 (operator of the Carrefour Group’s supermarket chain in Argentina).

The financing granted to the customers of the different stores of the Carrefour Group 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 the Carrefour Group’s stores in Argentina or for other purposes.

Banco Santander Argentina acted as arranger and underwriter; while Banco Supervielle, Banco Patagonia, Banco de la Provincia de Córdoba, Banco de Servicios y Transacciones, Industrial Valores, Buenos Aires Valores, Macro Securities, Banco Comafi, Banco BBVA Argentina and Banco Mariva acted as underwriters.

Eduardo Dezuliani and Melisa Peralta acted as in-house counsel for BSF.

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

PAGBAM’s team included partner Diego Serrano Redonnet (pictured right), counsel Alejo Muñoz de Toro and associates Nahuel Perez de Villarreal and Tamara Friedenberger.