Asesoramiento y Transacciones
Mi茅rcoles 27 de Febrero de 2013
ZBV Abogados advises Cresud in debt issuance
(Buenos Aires, February 26th 2013) -- Zang, Bergel & Vi帽es Abogados advised agricultural company Cresud S.A.C.I.F. in the issuance of the Sixth Series of Notes, Series XII, and Series XIII, issued under the Company鈥檚 Global Note Program for up to the sum of US$ 300,000,000 or the equivalent in other currencies.
On February 22nd 2013, the Company successfully completed the issuance of the Sixth Series of Notes for a total amount of AR$ 500,000,000, in two series, which represented a record in the local capital markets, with an oversubscription of almost 3.0x the original book.
Series XII has a maturity of 21 months from its issue date, with a face value of AR$ 102,072,505, at an issue price of 100% of the nominal amount. Series XII was issued at a Private Badlar Rate (Tasa Badlar Privada) plus 410bps per annum, payable on a quarterly basis.
Series XIII has a maturity of 27 months from its issue date, and was issued at a nominal value of US$ 79,415,549 (equivalent to AR$ 397,927,491.37) at an issue price of 100% of the nominal amount, at a fixed rate of 1.9% 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 XIII, which denotes the lowest interest rate obtained by an Argentinean company in the local capital markets for this type of bond and maturity.
Banco Hipotecario, BACS Banco de Cr茅dito y Securitizaci贸n S.A. and Banco Galicia y Buenos Aires S.A. acted as lead managers and coordinators, while INTL Capital S.A., SBS Trade S.A., Puente Hnos, Cohen Sociedad de Bolsa S.A. and Raymond James Argentina Sociedad de Bolsa S.A. acted as co-underwriters of the described issuance.
Zang, Bergel & Vi帽es Abogados acted as legal advisor to Cresud through partner Carolina Zang and associate Pablo Schreiber.
P茅rez Alati, Grondona, Benites, Arntsen & Martinez de Hoz acted as legal advisor to the underwriters through partner Diego Serrano Redonet and associates Jos茅 Luis Foglia and Pablo Fekete.
Opini贸n
Sociedades cripto. An谩lisis del art. 67 de la Resoluci贸n 15/2024 de IGJ, que finalmente admite el aporte de criptoactivos al capital de las sociedades de CABA
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