María Gabriela Grigioni, Nahuel Pérez and Jerónimo Juan Argonz

PAGBAM counsels on issuance of “Concepción Series IV”

Pérez Alati Grondona Benites & Arntsen has advised the parties involved in the series IV of the “Concepción” Financial Trust for a total amount of $188,424,941 Argentine pesos.

The series consisted of Fiduciary Debt Securities Class A issued for $150,739,953 pesos, Fiduciary Debt Securities Class B issued for $13,189,746 pesos and Certificates of Participation for up to $24,495,242 pesos, awarded to Concepción, as trustee.

The issue was made under its “Concepción” Global Trust Securities Programme for a total outstanding amount of up to V/N $20,000,000,000 USD.

Ad Cap Securities Argentina acted as arranger and placement agent; Cohen, as trustee, issuer and placement agent; Banco Mariva and Banco de Servicios y Transacciones as co-placement agents; and Banco Supervielle as sub-placement agent. All of them advised by PAGBAM.

The Trust Assets are the present and future credit rights deriving from the deferred payment cheques and invoices of Cooperativa de Vivienda, Crédito y Consumo Concepción Ltda (“Concepción”).

The National Securities Commission authorised the public offering of the trust securities on 6 July 2022 and the trust securities were issued on 15 July 2022. FIX SCR S.A. Risk Rating Agent rated the Class A Trust Debt Securities at “AAsf(arg)”, the Class B Trust Debt Securities at “BBB+sf(arg)”, and the Participation Certificates at “CCCsf(arg)”.

Ivan Samaniego acted as Cohen’s in-house lawyer.

PAGBAM’s team was led by partner María Gabriela Grigioni (pictured left), assisted by associates Nahuel Perez Villarreal (pictured centre), Jerónimo Juan Argonz (pictured right) and Francisco Vignati Otamendi.

L Giselle Estrada