TCA advises Credicuotas on issuance of Negotiable Bonds
Tanoira Cassagne Abogados has advised Credicuotas Consumo in the issuance of its Series II Class 1 and 2 Notes for a face value of US$3,000,000,000.
The issuance was made under its Global Programme of Negotiable Obligations for up to US$50,000,000 (or its equivalent in other currencies) and were issued in two classes.
The Series II Class 1 Notes, denominated in pesos, maturing on 28 July 2023, were issued for up to a nominal amount of $2,470,000,000 and will bear interest at a nominal annual variable interest rate equal to the BADLAR rate plus a margin of 2.00%. Series II Class 2 Notes, denominated in pesos, maturing on 28 January 2024, were issued for up to $530,000,000 par value and will bear interest at a floating annual nominal interest rate equivalent to the BADLAR rate plus a margin of 2.50%.
Banco Industrial (BIND) and Industrial Valores (IVSA) acted as co-arrangers and IVSA, Banco Mariva, Banco Supervielle, Banco de Galicia y Buenos Aires, Banco de Servicios y Transacciones, Allaria Ledesma & Cía, Facimex Valores, Banco Patagonia, AWM Valores, AR Partners and Cocos Capital acted as underwriters.
The Series II Notes have been admitted for listing on the Argentine Stock Exchanges and Markets and for trading on the Electronic Open Market.
Credicuotas will use the proceeds of the issue entirely for working capital, considering that the main purpose of Credicuotas’ business is the creation, marketing and operation of credit and/or debit card systems and the granting of microcredits and/or loans to individuals and/or legal entities.
TCA’s team was led by partners Alexia Rosenthal (pictured left) and Jaime Uranga (pictured right), together with associates Juan Sanguinetti, Pilar Domínguez Pose and Juan Manuel Simó.
