ZBV ABOGADOS ADVISES CRESUD IN NOTES ISSUANCE

22 Jun, 2012

Zang, Bergel & Vines Abogados advised agricultural company Cresud in the issuance of the Fifth Series of Notes, Series IX, Series X and Series XI, issued under the Company’s Global Note Program for up to the sum of US$ 300,000,000 or the equivalent in other currencies.

 

On June 21, 2012, the Company successfully completed the issuance of the Fifth Series of Notes for a total amount of AR$ 383,066,464.04, in three series, which represented a record in the local capital markets, representing an oversubscription of 1.75x the original book.

 

Series IX has a maturity of 18 months from its issue date, with a face value of AR$ 160.968.900, at an issue price of 100% of the nominal amount. Series IX was issued at a Private Badlar Rate (Tasa Badlar Privada) plus 300% per annum, payable on a quarterly basis.

 

Series X has a maturity of 24 months from its issue date, and was issued at a nominal value of US$ 31,524,638 at an issue price of 100% of the nominal amount, at a fixed rate of 7¾% per year, payable on a quarterly basis.

 

Series VII has a maturity of 36 months from its issue date, and was issued with a face value of AR$ 80,501,500, at an issue price of 100% of the nominal amount. Series IX was issued at a Private Badlar Rate (Tasa Badlar Privada) plus 375% per annum, payable on a quarterly basis.

 

Banco Hipotecario, BACS Banco de Crédito y Securitización S.A., Banco Galicia y Buenos Aires S.A., and Banco Santander Rio S.A., acted as lead managers and coordinators, while INTL Capital S.A., SBS Trade S.A., and Raymond James Argentina Sociedad de Bolsa S.A., acted as co-underwriters of the described Notes.

 

Zang, Bergel & Viñes Abogados served as legal advisor to Cresud through partner Carolina Zang, and associates Maria de los Ángeles del Prado and Pablo Schreiber.

 

Pérez Alati, Grondona, Benites, Arntsen & Martinez de Hoz acted as legal advisor to the underwriters through partner Diego Serrano Redonet and associate José Luis Foglia.

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