PAGBAM advises Cencosud on Series LIX trust
Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) has represented Cencosud, TMF Trust Company (Argentina) as Trustee and Issuer, Banco de Galicia y Buenos Aires as Arranger and Co-placement Agent, and the remaining Co-placement Agents on the issuance of the Trust Securities known as “Cuotas Cencosud Series LIX”, Classes A and B, for a total amount of AR$20,872,722,026 (approximately US$13,949,071.23).
The issuance forms part of the Cencosud Financial Trust Program “Más Cuotas II” and was carried out under the Public Offering Regime with Automatic Authorization for Frequent Issuers.
Cencosud operates shopping centers, supermarkets and home centers, including Disco, Jumbo, Easy and Unicenter. The trust assets underlying the “Fideicomiso Financiero Cuotas Cencosud Serie LIX” consist of physical and digital credits derived from the use of credit cards issued by Cencosud.
Banco de Galicia y Buenos Aires, SBS Trading and Banco Patagonia acted as underwriters of the trust securities. Fix SCR, the risk rating agent, assigned a rating of “AAAsf(arg)” to the VDFA tranche and “BB-sf(arg)” to the VDFB tranche.
The PAGBAM team advising on the transaction was led by Partner María Gabriela Grigioni (pictured) along with Associate Juan Hernán Bertoni. Cencosud was also assisted internally by in-house counsel Magdalena Pologna, while TMF Trust Company (Argentina) received internal legal support from Leonardo Pirolo and Tomás Bruno.
