Beccar Varela and PAGBAM advise on debt refinancing and loans.

Buenos Aires, 16 December 2021. On December 13, Los Grobo Agropecuaria SA (“Los Grobo”) obtained a debt refinancing for approximately US$34 million and negotiated loans in pesos for up to the equivalent amount of US$9 million, including the renewal of existing guarantees by Los Grobo. The lenders of these operations were Banco de Galicia y de Buenos Aires S.A.U., Banco Santander Río S.A., Banco Supervielle S.A., HSBC Bank Argentina S.A., Banco Hipotecario S.A., Banco Itaú Argentina S.A., Banco Industrial S.A., and Banco de la Provincia de Buenos Aires.

Agrofina S.A. (“Agrofina”) obtained a debt refinancing for the approximate amount of US$27 million and loans in pesos equivalent to US$7 million, including the renewal of existing guarantees by Agrofina. In these matters, Banco de Galicia y de Buenos Aires S.A.U., Banco Santander Río S.A., Banco Supervielle S.A., HSBC Bank Argentina S.A., Banco Hipotecario S.A., Banco Industrial S.A. and Banco Itaú Argentina S.A. acted as lenders.

In both cases, Banco de Galicia and Buenos Aires S.A.U. acted as administrative agent, while Banco Santander Río S.A., Banco Supervielle S.A., HSBC Bank Argentina S.A., Banco Hipotecario S.A., Banco Itaú Argentina S.A., Banco Industrial S.A., and Banco de la Provincia de Buenos Aires acted as lenders.

Beccar Varela and PAGBAM acted as legal counsel. They provided advice in the negotiation and drafting of the debt and loan refinancing contracts, as well as in the extensions of the guarantees granted under the original credits, which consist of assignments of contractual rights in guarantee of the payment of the amounts given in loan, a trust assignment and of trust as a guarantee of the payment of the amounts given in loan, with the participation of TMF Trust Company (Argentina) S.A. as the fiduciary, and the celebration of mortgages on certain properties.

Beccar Varela advised the lenders with a team led by partner Maximiliano D'Auro and senior associate Lucía Degano, assisted by associates Francisco Grosso and Marina Alvarado.

Pérez Alati, Grondona, Benitez & Arntsen (PAGBAM) advised the borrowing companies Los Grobo and Agrofina with a team led by partner Santiago Daireaux, also comprised of associates Tomás Fernandez Madero and Nahuel Perez de Villareal.