On May 27, 2021, Celulosa Argentina S.A. (“Celulosa”), an Argentine leader company in the manufacture of cellulose and paper, agreed with Banco de la Ciudad de Buenos Aires (“Banco Ciudad”), the refinancing of certain Credit Facility Agreements granted by Banco Ciudad in the years 2012 and 2014, for a total amount of US$ 17,000,000; and the granting of a new loan facility. 

The transaction involved (i) amendments to certain terms and conditions of the Credit Facility Agreements granted by Banco Ciudad to Celulosa in the years 2012 and 2014, (ii) the execution of a new loan agreement with respect to the new credit facility, (iii) the negotiation and execution of two different Pledge Agreements pursuant to which Celulosa created a second and third lien over some movable assets, which were previously pledged in favor of Banco Ciudad under the Credit Facility Agreements; and (iv) the cancellation of certain guarantees granted by the company RUDACO S.A. under the financing granted by Banco Ciudad in the year 2012.

Legal advisors of Celulosa

Garrido Law Firm: Partners Gustavo Garrido, Raul Granillo Ocampo (Jr.), and María Marta Cancio, and associate Francisco Ruiz Guiñazú.

Legal advisors of Banco Ciudad

Pérez Alati, Grondona, Benites & Arntsen: Partner Diego Serrano Redonnet, counsel Danilo Parodi Logioco, and associates Tomás Fernández Madero and Pablo Vidal Raffo.

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