Mario Kenny, Alexia Rosenthal and Jaime Uranga

Nicholson Cano and TCA in new Red Surcos issue

Nicholson y Cano Abogados has advised Red Surcos, and Tanoira Cassagne Abogados has advised the underwriters in the issuance of Negotiable Obligations Series XI for a total nominal amount of US $11,287,220.

The Issue and Settlement Date of the Series XI Notes was 20 July, maturing on 20 July 2025 and bearing interest at a fixed annual nominal interest rate of 1%, under its global programme of issuance of Negotiable Obligations for up to a nominal value of US $65,000,000 (or its equivalent in other currencies).

Banco Supervielle, Banco de Galicia y Buenos Aires, Banco de la Provincia de Buenos Aires, Banco Santander Argentina, Facimex Valores, Macro Securities, Invertir en Bolsa, Adcap Securities Argentina, TPCG Valores, and PP Inversiones acted as underwriters.

Nicholson y Cano’s team included partner Mario Kenny (pictured left) and associates Juan Martín Ferreiro and Aldana Belén Opezzo.

TCA’s team comprised partners Alexia Rosenthal (pictured centre) and Jaime Uranga (pictured right) and associates Juan Sanguinetti, Carolina Mercero and Ana Lucía Miranda.

In addition, TCA acted as legal advisor to the transaction in a new issuance under the “Red Surcos Créditos” Global Trust Securities Programme of Trust Debt Securities of the “Red Surcos XXX Financial Trust”.

In this transaction Banco CMF acted as trustee and issuer, and Red Surcos as trustor, in the issuance of Trust Debt Securities under the Trust, for a face value of $566,387,574. Banco CMF acted together with Banco Macro as arrangers, and together with Macro Securities and BACS Banco de Crédito y Securitización as underwriters of the Trust.

This new issue of the Trust under General Resolution 870 of the National Securities Commission (CNV) for the Promotion of Productive Development and Regional Economies, was aimed at financing the Trustee, through the assignment to the Trust of the deferred payment cheques originated by transactions for the purchase and sale of seeds and agricultural inputs to distributors and/or agricultural producers.

On 7 July 2023, the CNV authorised the public offering of the Trust Debt Securities for V/N $566,387,574.

Red Surcos is a company that sells agricultural inputs.

TCA’s team was led by partners Alexia Rosenthal and Jaime Uranga, and associates Juan Sanguinetti, Mariana Troncoso, Teófilo Trusso and Alejo Medici.

L Giselle Estrada