EGFA and PAGBAM help in Toyota Notes issuance
EGFA Abogados advised Toyota Compañía Financiera de Argentina, and Perez Alati Grondona Benites & Arntsen advised the underwriters, in the issuance of Class 31 Notes for a par value of $2,500,000,000,000.
The issue was made on 7 June under its Global Programme for the Issuance of Negotiable Obligations for the amount of up to ARS $6,000,000,000,000 (or its equivalent in other currencies).
The Class 31 Notes will mature on 7 March 2025, at a variable interest rate equivalent to the Private Badlar Rate plus a cut-off margin of 1.23% nominal per annum and will be redeemed in three payments to be made on 7 September 2024 (for 33.3% of the principal amount), 7 December 2024 (for 33.3% of the principal amount) and 7 March 2025 (for 33.34% of the principal balance). The Notes will also pay quarterly interest on 7 September 2023, 7 December 2023, 7 March 2024, 7 June 2024, 7 September 2024, 7 December 2024, 7 December 2024 and 7 March 2025.
The proceeds of the placement will be used for the granting of short-term loans in Argentine pesos to dealers of the Toyota network in Argentina.
Banco Santander Argentina, Banco Comafi, Banco BBVA Argentina and Banco de Galicia y Buenos Aires acted as underwriters.
Toyota Compañía Financiera de Argentina is the finance company of Toyota Argentina, whose purpose is to finance the acquisition of the vehicles marketed by such company.
EGFA Abogados’ team included partner Carolina Curzi (pictured left) and associates Chiara Basso and Marina Galindez.
PAGBAM’s team was led by partner María Gabriela Grigioni (pictured right), with support from associates Nahuel Perez de Villarreal and María Sol Martínez.
