Tarjeta Naranja’s $53 Million Class XLVIII Notes Offering

Beccar Varela advised on the deal.

On April 26th, 2021, Tarjeta Naranja, Argentina’s leading credit card issuer, issued Class XLVIII Notes, denominated, subscribed, and payable in Argentine Pesos, for an amount of AR$5,001,000,000. Class XLVIII Notes, maturing on April 26th, 2022, will accrue interest at a variable rate, equivalent to the sum of the Private Badlar Rate plus a cut-off margin of 5% n.a., and the principal will be amortized in a single payment on the maturity date. FIX SCR S.A. has rated them “A1(arg)”.

The issuance was carried out under the Global Short, Medium and/or Long-term Notes Issuance Program for a nominal amount of up to U$S1,000,000,000,000 (or its equivalent in other currencies, units of measure, or units of value).

Class XLVIII Notes have been admitted for listing in Bolsas y Mercados Argentinos S.A. and authorized for trading in the Mercado Abierto Electrónico S.A.

Banco de Galicia y Buenos Aires S.A.U. acted as organizer and placement agent, while Banco Comafi S.A., Banco Itaú Argentina S.A., Banco Patagonia S.A., Industrial Valores S.A., Itaú Valores S.A., and Macro Securities S.A. acted as placement agents.

Beccar Varela advised all parties involved with a team led by Luciana Denegri (Picture), assisted by María Victoria Pavani, María Inés Cappelletti, Julián Ojeda and María Luján Retamozo.

Involved fees earner: María Inés Cappelletti – Beccar Varela; Luciana Denegri – Beccar Varela; Maria Victoria Pavani – Beccar Varela;

Law Firms: Beccar Varela;

Clients: Banco Comafi S.A.; Banco de Galicia y Buenos Aires S.A.; Banco Itaú Argentina S.A.; Banco Patagonia SA ; Industrial Valores S.A.; Itaú Valores S.A.; Macro Securities S.A.; Tarjeta Naranja S.A. ;

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