PAGBAM assists Los Grobo and Agrofina in $50m loan agreement amendment

PAGBAM has represented the borrowers in an amendment to the loan agreement for the pre-financing of exports in the amount of USD 50 million

 Pérez Alati, Grondona, Benites & Arntsen has assisted Los Grobo Agropecuaria S.A. and Agrofina S.A., in the execution of an amendment to the loan agreement for the pre-financing of exports in the amount of $50,000,000 US dollars, executed on November 13, 2019 between the Companies as borrowers, Promontoria Holding 318 B.V., as lender, and TMF Trust Company (Argentina) S.A., as collateral agent, and not in its personal capacity, referred to as “Onshore Collateral Agent”, for the purposes of: “Onshore Collateral Agent”, in its capacity as collateral agent, and not in its personal capacity, referred to in English as “Onshore Collateral Agent” for the purposes of: extend the maturity date under the Loan Agreement to 28 December 2025; extend the maturity date of accrued interest on the Loans to 28 December 2025; modify the amortisation schedule; modify the interest rates applicable to the Loan Agreement, and; establish a mechanism whereby, after payment of the principal due under the Loan Agreement, the Borrowers, at their sole and exclusive discretion, may request additional disbursements under the revolving facility in an aggregate amount of up to US$15. 900,000.

This transaction was closed on November 19, 2021, where both the Loan Agreement and the Loan Agreement Amendment are governed by New York State law.

PAGBAM, Marval O’Farrell Mairal and Linklaters LLP acted as legal advisors to the transaction, advising on the negotiation and drafting of the Loan Agreement Amendment. Marval O’Farrell Mairal advised the lender and TMF Trust Company (Argentina) S.A.

Marval O’Farrell Mairal’s team consisted of partner Sergio Talamo and associate Ezequiel Guerrero.

PAGBAM’s team was led by partner Santiago Daireaux (pictured left), assisted by associates Tomás Fernandez Madero (pictured top right) and Nahuel Perez de Villareal (pictured bottom right).