Beccar Varela advises on the issuance of Compañía Financiera Argentina’s Class XXV subordinated Notes
March, 2022 - Buenos Aires, Argentina
Buenos Aires, March 22nd, 2022. On March 16th, Compañía Financiera Argentina S.A. issued Class XXV Notes in two series (simples, subordinated, and non-convertibles into shares); Series I for a nominal value of AR$192,496,592 and Series II for UVAs 5,758,872 (equivalent to AR$607,503,407.28 according to the Initial UVA Value). The Notes issuance was carried out under the Company’s Global Program of up to US$250,000,000.
Class XXV Notes were issued under the terms and conditions set forth by the Argentine Central Bank in the Minimum Capital Standards for Financial Institutions so that the principal amount of the Notes will be computable as supplementary net worth (tier two capital) of CFA for purposes of determining the computable equity liability.
Series I Notes will mature on March 16th, 2029, accruing interest at a floating rate, equivalent to the Private Badlar Rate plus a cut-off margin of 8%, and amortizing its principal in one payment on the due date. Serie II Notes will mature on March 16th, 2029, will accrue interest at a nominal annual fixed rate, equivalent to 4,05%, and will amortize its principal in one payment to be made on the maturing date.
On March 7th, 2022, FIX SCR S.A. locally rated Class XXV Notes “BBB-(arg)”. The Notes were admitted for listing on Bolsas y Mercados Argentinos S.A. and authorized for trading at the Mercado Abierto Electrónico S.A.
In this issuance, Compañía Financiera Argentina S.A. acted as issuer and placement agent, whilst Banco Comafi S.A. and Banco Patagonia S.A. acted as organizers and placement agents. All parties involved turned to Beccar Varela, whose team was led by Luciana Denegri, assisted by María Victoria Pavani, María Inés Cappelletti, Julián Ojeda, Tomás Cappellini and María Belén Tschudy.
