Muñoz de Toro Abogados advised ARCOR, and Bruchou & Funes de Rioja advised the arrangers and underwriters, in the issuance of the Class 22 Notes for a nominal amount of $17,000,000,000
The issue was made on 6 October under the Global Programme for the Issuance of Simple Negotiable Obligations for a par value of up to US$1,200,000,000,000 (or its equivalent in other currencies or units of value). The Class 22 Notes will mature 12 months from their issue date, i.e. on October 6, 2024, bearing interest at an annual variable rate equivalent to the sum of the Badlar Rate plus the Applicable Margin of 3.49% and amortizing their principal in a single payment to be made on the Maturity Date of the Class 22 Notes.
Fix Argentina and Moody’s Argentina have rated the Class 22 Notes as “A1+ (ARG)” and “ML A-1.ar”, respectively. Furthermore, the Notes have been admitted for listing on the Argentine Stock Exchanges and Markets and authorised for trading on the Electronic Open Market, being eligible by Euroclear Bank.
Banco de Galicia y Buenos Aires, Banco Santander Argentina, Macro Securities, and Banco Patagonia acted as arrangers and underwriters; and Balanz Capital Valores, Facimex Valores, Puente Hnos, SBS Trading, TPCG Valores, Banco de la Provincia de Córdoba, and Banco BBVA Argentina acted as placement agents.
ARCOR is one of Argentina’s leading food producers.
Muñoz de Toro’s team was led by Ricardo Muñoz de Toro with the participation of Laura Gomes and Guillermina Muñoz de Toro.
Bruchou’s team included partner Alejandro Perelsztein (pictured) and associates Leandro Exequiel Belusci, Facundo Martín Suárez Loñ and Malena Tarrío.