Beccar Varela advises on Tarjeta Naranja Class XL notes issuance.
April, 2018 - Buenos Aires, Argentina
18 April 2018. Beccar Varela advised Tarjeta Naranja S.A. on Class XL notes issuance, carried out under the company’s global program for short, medium and long-term notes for a maximum nominal value of up to US$650 million (or its equivalent in other currencies). Class XL notes were issued in two series on April 10, 2018: Series I notes at a nominal value of AR$597,500,000 while Series II at a nominal value of AR$1,402,500,000.
The maturity date of Series I notes, denominated in Argentine Pesos, will take place on October 10, 2019, accruing interest at a fixed rate of 25.98% annually. The maturity date of Series II notes, also denominated in Argentine Pesos, will take place on October 10, 2020, accruing interest at a floating rate (Badlar + cut off-margin of 3.69%).
Fix SCR Agente de Calificación de Riesgo S.A. has rated Class XL notes “AA-(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 the Mercado Abierto Electrónico S.A. and on Bolsas y Mercados Argentinos S.A.
In this issuance, Banco de Galicia y Buenos Aires S.A. acted as organizer and placement agent, while Banco Macro S.A. acted as organizer agent and Macro Securities S.A. did it as placement and settlement agent.
Beccar Varela advised all the parties involved in this issuance (team led by partners Javier Luis Magnasco and Luciana Denegri, assisted by senior associate Jose María Krasñansky).
