Zang, Bergel & Viñes Abogados advised Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria ("Cresud " or the "Company") in the exchange and issuance of Series No XXXI Notes and Series No XXXII Notes (collectively, the "Notes") transaction, under its Global Notes Program (not convertible into shares) for up to USD 500,000.000 (US Dollars five hundred million) (or its equivalent in other currencies or units of value).
Pérez Alati, Grondona, Benites & Arntsen advised BACS Banco de Crédito y Securitización S.A., Banco Hipotecario S.A., Banco de Galicia and Buenos Aires S.A.U., Banco Santander Río S.A., AR Partners S.A., Banco de la Provincia de Buenos Aires, Balanz Capital Valores S.A.U., Puente Hnos. S.A., Bull Market Brokers S.A. and SBS Trading S.A. as placement agents of The Notes (the “Placement Agents”).
The transaction consisted of an exchange offer, through which Cresud offered the subscription of the Notes, by exchanging Serie No XXIV Notes, denominated and payable in US Dollars due on November 14, 2020 (the "Eligible Notes").
On November 12, 2020, Cresud successfully closed the exchange offer, obtaining 88,41% subscription, and concreted: the issuance of Series No XXXI Notes for a total face value of USD 30.751.640 (US Dollars thirty million seven hundred and fifty-one thousand six hundred and forty), due November 12, 2023, at a nominal annual fixed interest rate of 9.00% (payable quarterly) and at an issuance price of 100% of face value; and the issuance of Series No XXXII Notes for a total face value of USD 34.326.106 (US Dollars thirty-four million three hundred and twenty-six thousand six), due November 12, 2022, at a nominal annual fixed interest rate of 9.00% (payable quarterly) and at an issue price of 100% of face value.
The offer was directed to the local market and the Notes have been authorized for listing on Bolsas y Mercados Argentinos S.A. and for negotiation in the Mercado Abierto Electrónico S.A.
It should be noted that this transaction is carried out as a consequence of the provisions of Communication “A” 7106 of the Argentine Central Bank, which restricts access to the Argentine Foreign Exchange Market to obtain US Dollars for the payment of debt securities with public registry in the country, denominated in foreign currency maturing between October 15, 2020 and March 31, 2021, and requires restructuring at least 60% of principal maturities within two years of average life.
Counsel to the Placement Agents
Pérez Alati, Grondona, Benites & Arntsen acted as legal advisor to the placement agents through partner Diego Serrano Redonnet, its counseler Danilo Parodi Logioco and associates Guido Meirovich, Nicolás Aberastury y Paula Balbi.
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