Ferrere represents Ta-Ta in issuance of negotiable obligations

Ferrere Uruguay has advised Ta-Ta supermarkets on the structuring of its corporate bond issue

 Ferrere has represented Uruguayan supermarket chain Ta-Ta S.A. in the structuring of its issuance of corporate bonds, one of the largest by a private company in the country’s capital markets. The objectives of the issue were to restructure its financial debt, as well as to make investments.

The issue was structured under an Issuance Programme for a total of up to the equivalent of 150 million US dollars, to be issued in different Series. Series 1 of the Issuance Programme was for an amount equivalent to 100 million US dollars, where the demand exceeded the amount offered by 105.76%.

To guarantee the negotiable obligations, the issuer set up a guarantee trust, to which the funds from the Visa and Maestro debit and credit cards were transferred. In addition, the companies of the same group, Frontoy S.A. and Baranur S.A., became joint and several guarantors for the benefit of the holders of the negotiable obligations, through the representative entity.

Ferrere’s team was led by partner Diego Rodríguez (pictured left) and associate Cecilia Trujillo (pictured right).