PAGBAM represents on Cencosud’s issuance
Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) has advised on the issuance of Cuotas Cencosud Series XLI trust securities under Cencosud’s Financial Trust Program Más Cuotas II. The transaction, valued at Ps. 18,946,757,662, involved Cencosud as trustee, TMF Trust Company (Argentina) as trustee and issuer, and Banco de Galicia y Buenos Aires, SBS Trading, and Banco Patagonia as placement agents.
The trust securities, comprising Classes A and B, are backed by physical and digital credit card receivables issued by Cencosud, a major retail company operating shopping centers, supermarkets, and home improvement stores across Latin America. The National Securities Commission authorized the public offering on February 5, 2025, with the issuance taking place on February 11, 2025.
The PAGBAM team was led by partner María Gabriela Grigioni (pictured), with associates María Sol Martínez and Violeta Okretic, and paralegal Violeta Scosceria. Cencosud’s in-house counsel included Magdalena Pologna and Gilda Strk, TMF Trust Company’s counsel were Leonardo Pirolo and Tomás Bruno, and Banco de Galicia was represented by Enrique Cullen.
