María Gabriela Grigioni

PAGBAM acts in new issuance of Cencosud trust securities

Pérez Alati Grondona Benites & Arntsen acted as counsel in the issuance of trust securities denominated ‘Cuotas Cencosud Series XXXII’ Classes A and B, for a total amount of $2,779,661,029.

The trust assets of the ‘Fideicomiso Financiero Cuotas Cencosud Serie XXXII’ are physical and digital credits derived from the use of credit cards issued by Cencosud.

The National Securities Commission authorised the public offering of the Series XXXII trust securities on 18 April 2024, while the issuance of the trust securities took place on 25 April 2024. Fix SCR Rating Agent assigned a rating of ‘AAAsf(arg)’ for the VDFA and ‘CCsf(arg)’ for the VDFB.

Cencosud acted as trustee; TMF Trust Company (Argentina) as trustee and issuer; Banco de Galicia y Buenos Aires as arranger and co-placement; and SBS Trading and Banco Patagonia as co-placement.

Cencosud is a company dedicated to the operation of shopping centres, supermarkets and homecenters such as Disco, Jumbo, Easy and Unicenter, among others.

Gilda Strk acted as in-house counsel to Cencosud; while Leonardo Pirolo and Tomás Bruno acted as in-house counsels to TMF Trust Company (Argentina); and Enrique Cullen provided in-house counsel to Banco de Galicia y Buenos Aires.

PAGBAM’s team included partner María Gabriela Grigioni (pictured), and associates Nahuel Perez de Villarreal, María Sol Martínez, Marcos Vieito and paralegal Violeta Okretic.

L Giselle Estrada