Argentina’s Banco de Servicios Financieros makes bond issuance

BSF issued the notes under its global notes issuance program for up to a nominal amount of $250 million and they will mature in November 2025 and bear variable interest rate corresponding to the sum of the “Badlar Privada” rate and the 7% cut-off margin.

The notes will be amortized in an installment equal to 100% of the nominal value on the maturity date of the notes.

The notes were offered to qualified investors in the local market and have been authorized for listing in Bolsas y Mercados Argentinos and for trading in the Mercado Abierto Electrónico.

BSF is a financial institution that develops its business within the specialized banking segment, centralizing its activity in the consumer credit sector. In this sense, BSF's activity is focused on retail financing, and essentially oriented to the financing of end customers, purchasers of products marketed by INC, operator of the supermarket chain of the Carrefour Group in Argentina.

The financing granted to customers of different stores of the Carrefour Group in Argentina is offered through the Carrefour Card, issued by BSF, and also through personal loans granted to those customers who already have such credit card. The financing is granted, depending on the line of business in question, either exclusively for the purchase of products marketed by Carrefour Group stores in Argentina or for other purposes.

Cerolini & Ferrari Abogados advised Banco de Servicios Financieros, with a team led by partner Agustín L. Cerolini, with associates Martín Chindamo and Valentina Circolone, while law firm Pérez Alati, Grondona, Benites & Arntsen advised Macro Securities, Balanz Capital Valore, Banco Supervielle, Banco Santander Argentina, Banco Comafi and Banco Patagonia as placement agents, with a team led by partner Diego Serrano Redonnet, with counsel Alejo Muñoz de Toro and associates Nahuel Perez de Villarreal and Tamara Friedenberger.

BSF's in-house legal counsel was Eduardo Dezuliani and Melisa Peralta.