Asesoramiento y Transacciones
Martes 19 de Noviembre de 2013
ZBV Abogados advises Cresud in debt issuance
Zang, Bergel & Vines Abogados advised Cresud regarding the issuance of the Eighth Series of Notes, Series 15, and Series 16, issued under the Company’s new Global Note Program for up to the sum of US$ 300,000,000 or the equivalent in other currencies.
On November 18, 2013, the Company successfully completed the issuance of the Eighth Series of Notes for a total amount of US$ 138,660,329, in two series, which represented a record in the local capital markets, representing an oversubscription of almost 3.0x the original book.
Series 15 has a maturity of 24 months from its issue date, with a face value of Ps. 176,367,800 (equivalent to US$ 29,550,759.85), at an issue price of 100% of the nominal amount. Series XV was issued at a Private Badlar Rate (Tasa Badlar Privada) plus 399bps per annum, payable on a quarterly basis.
Series 16 has a maturity of 60 months from its issue date, and was issued at a nominal value of US$ 109,109,569 at an issue price of 102.3% of the nominal amount, at a fixed rate of 1.5% per year, payable on a quarterly basis.
This transaction represents a milestone for the company, especially driven by the amount of the final book, which represented almost 3.0x the original book becoming one of the largest debt issuances in the local capital markets, but also, due to the interest rate obtained for the Series XVI, which denotes the lowest interest rate obtained by an Argentinean company in the local capital markets for these type of bond and maturity.
Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., Banco Galicia y Buenos Aires S.A., Banco Santander Río S.A., Industrial and Commercial Bank of China (Argentina) S.A., Puente Hnos, Cohen Sociedad de Bolsa S.A., and INTL CIBSA Sociedad de Bolsa S.A., acted as underwriters of the described Notes.
Zang, Bergel & Viñes Lawyers served as legal advisor to Cresud through its partner Carolina Zang, and their associate Pablo Schreiber.
Pérez Alati, Grondona, Benites, Arntsen & Martinez de Hoz acted as legal advisor to the underwriters through its partner Diego Serrano Redonet and their associate José Luis Foglia.
Opinión
Aportes irrevocables a cuenta de futuras suscripciones de acciones y nuevas normas de la IGJ: ¿resurgimiento como opción de financiamiento?
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Dolores M. Gallo
Barreiro
Barreiro
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Por Lucas J. Battiston
PASBBA
PASBBA
Por Juan Pablo. De Gesus
NORDELTA S.A.
NORDELTA S.A.
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Alfaro Abogados
Alfaro Abogados
Por Agostina Salamone
Berton Moreno IP Law
Berton Moreno IP Law
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