Tarjetas del Mar S.A.’s Class II Notes Offering


Beccar Varela advised Tarjetas del Mar S.A. on the Class II notes issuance, carried out on May 17th in two series under the company’s global program for short, medium and long-term notes for a maximum nominal value of up to US$75 million (or its equivalent in other currencies). Series I notes were issued at a nominal value of AR$137.524.742, while Series II at a nominal value of AR$172.851.843.

The maturity date of Series I notes (denominated in Argentine Pesos) will take place on November 17th, 2018, accruing interest at a floating rate (Badlar + cut-off margin of 3.25%). The maturity date of Series II notes (also denominated in Argentine Pesos) will take place on May 17th, 2020, accruing interest at a floating rate (Badlar + cut-off margin of 3.48%).

Fix SCR Agente de Calificación de Riesgo S.A. has rated both notes series “A+(arg)”. These notes have been listed on The Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos Aires) and have been admitted to trading on Mercado Abierto Electrónico S.A. and Bolsas y Mercados Argentinos S.A.

Banco de Galicia y Buenos Aires S.A. acted as organizer, creator agent, and placement and settlement agent, while Banco Itaú Argentina S.A. acted as organizer and placement agent.

Estudio Beccar Varela acted as deal counsel with a team including Javier L. Magnasco (Picture) Luciana Denegri, Felipe L .M. Videla and José M. Krasñansky.

Involved fees earner: Javier Magnasco – Estudio Beccar Varela; Luciana Denegri – Estudio Beccar Varela; Felipe Videla – Estudio Beccar Varela; José Krasñansky – Estudio Beccar Varela;

Law Firms: Estudio Beccar Varela;

Clients: Banco de Galicia y Buenos Aires S.A.; Banco Itaú Argentina S.A.; Tarjetas del Mar SA;

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Author: Ambrogio Visconti.