Pérez Alati, Grondona, Benites & Arntsen advised Cencosud S.A. (“Cencosud”), as Trustee, TMF Trust Company (Argentina) S.A., as Trustee and Issuer, Banco de Galicia y Buenos Aires S.A.U. as Arranger and Co-placement Agent and as Co-placement Agents in the issuance of the Trust Securities denominated “Cuotas Cencosud Series XLVII” Classes A and B, worth a total of AR$ 29,098,783,384(U$S 21,525,475.38), within the Cencosud Financial Trust Program “Más Cuotas II”, under the Public Offering Regime with Automatic Authorization for Frequent Issuers.
Cencosud is a company engaged in the operation of shopping centers, supermarkets and homecenters such as Disco, Jumbo, Easy and Unicenter, among others. The trust assets of the “Fideicomiso Financiero Cuotas Cencosud Serie XLVII” are physical and digital credits derived from the use of credit cards issued by Cencosud.
The National Securities Commission authorized the public offering of Series XLVII trust securities on July 28th, 2025, while the issuance of trust securities took place on July 31st, 2025. Banco de Galicia y Buenos Aires S.A.U., SBS Trading S.A. and Banco Patagonia S.A. acted as underwriters of the trust securities, while Fix SCR S.A. Risk Rating Agent granted a rating of “AAAsf(arg)” for the VDFA and “Bsf(arg)” for the VDFB.
Deal Counsel
Pérez Alati, Grondona, Benites & Arntsen
Partner María Gabriela Grigioni; Associates María Sol Martínez, Violeta Okretic, and Juan Hernán Bertoni.
Counsel to Cencosud
In-house - Magdalena Pologna and Gilda Strk
Counsel to TMF Trust Company (Argentina) S.A.
In-house- Leonardo Pirolo and Tomás Bruno
Counsel to Banco de Galicia y Buenos Aires S.A.U
In-house- Enrique Cullen
