Tarjeta Naranja’s $40 Million Class XLIX Notes Offering

Beccar Varela advised Tarjeta Naranja and Banco Galicia, while Pérez Alati, Grondona, Benites & Arnsten advised Banco Patagonia, Banco Santander Río y Macro Securities on the deal.

Tarjeta Naranja S.A. issued Class XLIX Notes, simple, non-convertible into shares, unguaranteed and payable in Pesos, carried out in two series (I and II), for a total nominal amount of AR$3,958,500,000. The issuance was made under the company’s Global Program of up to US$1,000,000,000.

Series I Notes were issued for a nominal amount of AR$2,712,000,000. Maturing on August 13th, 2022, they will accrue interest at a floating rate, equivalent to the private Badlar rate plus a cut-off margin of 5.50% and will amortize its principal in one payment on the maturing date of the same.

Series II Notes were issued for a nominal amount of AR$1,246,500,000. They will mature on August 13th, 2023, accruing interest at a floating rate equivalent to the private Badlar rate plus a cut-off margin of 7.24%, and will amortize its principal in a single payment on the maturing date.   

Banco de Galicia y Buenos Aires S.A.U. acted as organizer and placement agent, while Banco Patagonia S.A., Banco Santander Rio S.A. and Macro Securities S.A. acted as placement agents.

The Beccar Varela’s team was led by Luciana Denegri (Picture), and comprised associates María Victoria Pavani, María Inés Cappelletti, and Julián Ojeda.

The Pérez Alati, Grondona, Benites & Arnsten (PAGBAM) team was led by Diego Serrano Redonnet with the participation of Nicolás Aberastury and Adriana Tucci. 

Involved fees earner: María Inés Cappelletti – Beccar Varela; Luciana Denegri – Beccar Varela; Julián Ojeda – Beccar Varela; Maria Victoria Pavani – Beccar Varela; Nicolás Aberastury – Pérez Alati, Grondona, Benites & Arntsen; Diego Serrano Redonnet – Pérez Alati, Grondona, Benites & Arntsen;

Law Firms: Beccar Varela; Pérez Alati, Grondona, Benites & Arntsen;

Clients: Banco de Galicia y Buenos Aires S.A.; Banco Patagonia SA ; Banco Santander Río S.A.; Macro Securities S.A.; Tarjeta Naranja S.A. ;