25 July 2022

Series No. XXXVIII notes of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria

Zang, Bergel & Viñes Abogados advised Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (“Cresud” or the “Company“) in the issuance of Series No XXXVIII (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 y Buenos Aires S.A.U., Banco Santander Argentina S.A., Industrial Valores S.A., HSBC Bank Argentina S.A., PP Inversiones S.A., Invertir en Bolsa S.A., Cocos Capital S.A., Balanz Capital Valores S.A.U., SBS Trading S.A., AR Partners S.A., Puente Hnos. S.A., Industrial and Commercial Bank of China (Argentina) S.A.U. and Bull Market Brokers S.A., as placement agents of The Notes (the “Placement Agents”).

The transaction consisted of an exchange offer, whereby Cresud offered the subscription of Series XXXVIII Notes, denominated in US Dollars, to be subscribed through the exchange of Series No XXIII Notes, denominated and payable in US Dollars, maturing on February 16th, 2023 (the “Existing Notes”).

On July 8th, 2022, Cresud successfully closed the exchange and completed the issuance of Series No XXXVIII Notes, for a total face value of USD 70.567.356 (US Dollars seventy million five hundred and sixty-seven thousand three hundred and fifty-six), will bear an annual interest rate of 8,00%, payable on a bi-annual basis (with the exception of the last installment which shall be paid two months after the final bi-annual payment), at an issuance price of 100% of face value, and will mature on September 13th, 2024.

As of the expiration date of the exchange offer, Existing Notes for a total nominal amount of USD 98.422.999 (representing 86.98% of the outstanding amount of the Existing Notes) were tendered in exchange, of which USD 42.714.442 adhered to Option A (which implies obtaining a consideration partly in cash and partly in Class XXXVIII Negotiable Obligations); while USD 55.708.557 adhered to Option B (which implies obtaining a consideration only in Class XXXVIII Negotiable Obligations).

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.

Counsel to CRESUD

Zang, Bergel & Viñes Abogados acted as counsel through partner Carolina Zang and María Angélica Grisolia and associates Cristian Bruno, Nadia Dib and Luis Lario Perfetto.

Counsel to the Placement Agents 

Pérez Alati, Grondona, Benites & Arntsen acted as legal advisor to the placement agents through partner Diego Serrano Redonnet and associates Nicolás Aberastury, Adriana Tucci, Joaquín López Matheu.

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