María Gabriela Grigioni

PAGBAM helps in issue of “Cuotas Cencosud Series XXVIII”

Pérez Alati Grondona Benites & Arntsen has acted as advisor in the issuance of Cencosud Trust Securities, denominated “Cuotas Cencosud Serie XXVIII” Class A and B, for a total amount of $2,412,141,399.

The issuance of the trust securities took place on 28 April under the Cencosud Financial Trust Programme “Más Cuotas II”. The trust assets of the “Fideicomiso Financiero Cuotas Cencosud Serie XXVIII” 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 XXVIII trust securities on 25 April. Fix SCR rating agent assigned a rating of “AAAsf(arg)” for the VDFA and “CCsf(arg)” for the VDFB.

TMF Trust Company (Argentina) acted 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 engaged in the operation of shopping centres, supermarkets and homecenters such as Disco, Jumbo, Easy and Unicenter, among others.

The in-house lawyers advising on the transaction were Javier Luzzi for Cencosud, Leonardo Pirolo and Tomás Bruno for TMF Trust Company (Argentina), and Enrique Cullen for Banco de Galicia y Buenos Aires.

PAGBAM’s team consisted of partner María Gabriela Grigioni (pictured), associates Nahuel Perez de Villarreal, María Sol Martínez, Martina Mastandrea and paralegal Violeta Okretic.

L Giselle Estrada