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2021New DealBruchou advised on the issuance of Notes by ARCOR

October 20, 2021
Bruchou, Fernández Madero & Lombardi acted as legal advisors in the issuance of ARCOR S.A.I.C., one of the main food produces in Argentina.

The transaction conssited on the issuance of:

  • Series 16 Notes for an amount of AR$ 1,500 million; and
  • Series 17 Notes for an amount of 27,864,467 UVA.

The issuance was under the Arcor´s MTN Program for the Issuance of Notes for an amount of up to US$ 800 million (or its equivalent in other currencies or units of value).

The Notes have been admitted for listing on Bolsas y Mercados Argentinos S.A.; and authorized for trading on the Mercado Abierto Electrónico S.A., being eligible by Euroclear Bank S.A/N.V.

Series 16 Notes

The Series 16 Notes will be due after 18 months as from its issuance date on April 20th, 2023; and will bear interest at a variable annual rate equal to the sum of the Badlar Rate plus the Applicable Margin of 2.97%, and will be repaid in three consecutive payments:

  • first payment for an amount equal to 33% of the nominal value of the Series 16 Notes, due after twelve months as from its issuance date;
  • second payment will be for an amount equal to 33% of the nominal value of the Series 16 Notes, due after fifteen months as from its issuance date; and
  • third payment will be for an amount equal to 34% of the nominal value of the Series 16 Notes, due on the Series 16 Notes due date. Fix Argentina and Moody’s Argentina have rated the Series 16 Notes as “AAA(arg)” and “AA.ar”, respectively.
Series 17 Notes

The Series 17 Notes will be due after 48 months as from its issuance date on October 20th, 2025;and will bear interest at a fixed annual rate equal to 0.98%, and will be repaid in a single payment due on the Series 17 Notes due date. Fix Argentina and Moody’s Argentina have rated the Series 17 Notes as “AAA(arg)” and “AA.ar”, respectively.

Arrangers and Placement Agents

Banco Bancro S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., and Banco BBVA Argentina S.A. acted as arrangers and placement agents of the issuance (the “arrangers and placement agents”), and SBS Trading S.A., Balanz Capital Valores S.A.U., TPCG Valores S.A.U., Facimex Valores S.A., and Macro Securities S.A.  acted as local placement agents of the issuance (the “local placement agents”).

 

Legal advisors of arrangers and placement agents:

Bruchou, Fernández Madero & Lombardi

Partner Perelsztein, Alejandro; and associates Belusci, Leandro Exequiel and Pereyra Pagiari, Sebastián.

Other relevant transactions in which we participate

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