Marval advises banks on Cartasur loan
Argentinian law firm Marval, O’Farrell & Mairal has advised a group of banks on the amendments to syndicated loans granted in 2017 and 2018 totalling 253.3 million Argentinian pesos ($5.5 million) to Cartasur, a local lender of consumer credit and credit card issuer.
The law firm’s Banco Mariva, Banco de la Ciudad de Buenos Aires, Banco de Servicios y Transacciones, Banco CM, Banco de San Juan, Banco Meridian, Banco de la Provincia de Córdoba, BACS Banco de Crédito y Securitización, Banco Voii and Banco Provincia del Neuquén.
Banco Mariva acted as arranger, administrative agent, collateral agent and lender, while Banco de la Ciudad de Buenos Aires, Banco de Servicios y Transacciones, Banco CMF, Banco de San Juan, Banco Meridian, Banco de la Provincia de Córdoba, BACS Banco de Crédito y Securitización, Banco Voii and Banco Provincia del Neuquén acted collectively as lenders.
Among the guarantees provided to ensure the fulfilment of the obligations arising from the loans, the company assigned collection rights resulting from certain personal loans.
Likewise, Cartasur granted promissory notes to each bank, which are guaranteed by the shareholders. Additionally, the shareholders have also securitised and pledged their shares equivalent to 51 per cent of the share capital.
This transaction has an inter-creditor agreement between the banks, the company and other creditors to regulate their relationships under the amended syndicated loans and other company debts.
Marval partner Juan M. Diehl Moreno led the law firm’s team advising the banks, with associates Sergio Tálamo, María Manuela Lava, Jacqueline Berkenstadt and Josefina Griot.
