Argentina’s Cresud makes $500m notes issuance

Posted on May 23, 2023

Argentine company Cresud, which is engaged in the trade, real estate, financing and agricultural industries, has successfully issued notes with a value of up to $500 million, or its equivalent in other currencies.

The issuance involved Series No. XLI Notes Series No. XLII Notes as part of its global notes issuance program.

The No. XLI issuance, for an aggregate 4.14 trillion Argentine pesos, will bear a variable interest rate, at an issuance price of 100% of face value, and will mature on October 4, 2024. The placement and issuance of the Series No. XLII for an aggregate of $30,04 billion will bear a fixed interest rate of 0,00%, at an issuance price of 100% of face value, and will mature on May 4, 2026.

BACS Banco de Crédito y Securitización, Banco Hipotecario, Banco de Galicia y Buenos Aires, Banco Santander Argentina, Banco Patagonia, Banco de Servicios y Transacciones, Banco de la Provincia de Buenos Aires, Facimex Valores, Max Capital, Banco Supervielle, Balanz Capital Valores, Puente Hnos., Petrini Valores, Invertir en Bolsa and Latin Securities acted as placement agents for the issuance.

Law firm Zang, Bergel & Viñes Abogados acted as counsel to Cresud, with a team led by partners Carolina Zang, María Angélica Grisolia and associate Nadia Dib.

Pérez Alati, Grondona, Benites & Arntsen advised the placement agents on the issuance, with a team led by Diego Serrano Redonnet, Alejo Muñoz de Toro, Nahuel Perez de Villarreal and Juan Ignacio Rodriguez Goñi.