Los Grobo Agropecuaria and Agrofina Obtain Syndicated Loans.
July, 2019 - Buenos Aires, Argentina
Buenos Aires, 29 July 2019. Acting as lenders, Banco de Galicia y de Buenos Aires S.A.U., Banco Supervielle S.A., HSBC Bank Argentina S.A., Banco Hipotecario S.A., Banco Itaú Argentina S.A. and Banco de la Provincia de Buenos Aires granted a syndicated loan to Los Grobo Agropecuaria S.A., worth US$44,399,500, extendible up to US$70,000,000. Likewise, Banco de Galicia y de Buenos Aires S.A.U., Banco Santander Río S.A., Banco Supervielle S.A., HSBC Bank Argentina S.A., Banco Hipotecario S.A. and Banco Itaú Argentina S.A. granted a syndicated loan to Agrofina S.A., worth US$37,850,500, extendible up to US$50,000,000. In both cases, Banco de Galicia y Buenos Aires S.A.U. acted as arranger and administrative agent, while Banco Santander Río S.A., Banco Supervielle S.A., and HSBC Bank Argentina S.A. acted as arrangers.
These financings involved the negotiation and drafting of a syndicated loan agreement for each borrowing company; a security assignment of contractual rights to guarantee the loan repayments; a guaranty assignment in trust with TMF Trust Company (Argentina) S.A. acting as a trustee, along with the celebration of mortgages over certain real estate properties.
The borrowing companies will use the loan’s proceeds for the payment of certain liabilities and carry out working capital investments for the companies’ productive activity.
Legal counsel to the lenders
External counsel
Beccar Varela: team led by partner Maximiliano D'Auro, and associates Lucía Degano, Carolina Serra, Gonzalo J. Ochoa and Belén Astelarra.
Legal counsel to the borrowing companies
External counsel
Pérez Alati, Grondona, Benitez & Arntsen: team led by partner Santiago Daireaux, and associates Tomás Fernandez Madero and Guido O. Meirovich.
In-house counsel
Ileana Franquez and Lucas Divito.
Legal counsel to TMF Trust Company (Argentina) S.A.
External counsel
Marval, O’Farrell & Mairal: Roberto E. Silva and Martín Lanús.
