Diego Serrano

PAGBAM acts in Ledesma’s Class 13 Notes issue

Pérez Alati Grondona Benites & Arntsen has advised the arrangers and underwriters in the issuance of the class 13 senior unsecured notes of Ledesma, an Argentine agribusiness company, for a nominal amount of AR$ 7,000,000,000,000.

The issue was made under the framework of its global programme for the issuance of simple negotiable bonds for up to USD 150,000,000,000. The proceeds will be used for working capital and the refinancing of the Company’s short-term financial liabilities.

The tender of the Notes took place on 27 July and was widely oversubscribed, receiving bids amounting to AR$ 8,117,000,000,000, demonstrating a renewed interest in the local market for quality corporate bonds.

The Notes were issued on 31 July, are denominated and payable in pesos, at a floating interest rate equivalent to the Private Badlar Rate plus a cut-off margin of 4.00% nominal annual rate, and mature on 31 January 2025.

Ledesma was advised by Nicholson y Cano Abogados.

Banco Santander Argentina and Banco de Galicia y Buenos Aires acted as arrangers and underwriters; and Balanz Capital Valores, Banco Mariva, Banco Patagonia, Macro Securities, Banco BBVA Argentina and Consultatio Investments, acted as underwriters.

With 115 years of history, Ledesma is a sugar and paper producer, with an important participation in the fruit and citrus juice, alcohol, bioethanol, meat, cereals and syrups and corn starch markets. Committed to the country’s development, the company employs around 7,000 people, most of whom work in Jujuy, the province where it was born and where it has 40,000 hectares devoted to harvesting its main raw material: sugar cane.

PAGBAM’s team included partner Diego Serrano Redonnet (pictured) and associates Alejo Muñoz de Toro, Joaquín López Matheu and Juan Ignacio Rodríguez Goñi.

L Giselle Estrada