Pérez Alati, Grondona, Benites & Arntsen advised Banco de la Ciudad de Buenos Aires (“Banco Ciudad”) and Banco de la Nación Argentina (“Banco Nación”) in the structuring and granting of a syndicated loan in favor of CTM Cooperativa Agroindustrial de Misiones Ltda. ("CTM"), an agroindustrial cooperative headquartered in the Province of Misiones, engaged in the production and processing of tobacco and yerba mate.
The loan was granted for an amount of US$ 4,000,000 (four million U.S. dollars) with a tenor of 3 years. The proceeds will be used by CTM as working capital to finance import and export transactions related to its tobacco and yerba mate operations.
Banco Ciudad acted as arranger, administrative agent and collateral agent of the loan, and also participated as a lender alongside Banco Nación. This is a syndicated financing carried out entirely by Argentine public-sector banks.
With over three decades of history and historically linked to the tobacco sector, CTM reports annual exports of approximately US$ 30 million. In recent years, it has expanded its activities into yerba mate processing, consolidating its profile as a diversified agroindustrial player.
The loan is secured by: (a) a joint and several guarantee granted by the members of the cooperative's Board of Directors; (b) an assignment by way of security of CTM's collection rights under a tobacco processing agreement; and (c) a second-ranking mortgage over real property.
Pérez Alati, Grondona, Benites & Arntsen
Partner Diego Serrano Redonnet, counsel Nicolás Aberastury, and associates Tamara Friedenberger, Catalina Hermida Pini and Juan Hernán Bertoni.
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