Errecondo, González & Funes Abogados advised Mercedes-Benz Compañía Financiera Argentina S.A., the Argentine financing arm of Germany’s Mercedes Benz, in the offering of its Series 29 Notes worth AR$200.000.000.
Tanoira Cassagne Abogados counselled the placement agents in this transaction, Banco de Galicia y Buenos Aires S.A. and BBVA Banco Francés S.A.
The Series 29 Notes are peso denominated variable rate notes, maturing in 18 months and bearing an interest at Badlar Rate (a floating interest rate published by the Argentine Central Bank) plus an annual margin of 2.75%. The notes were issued on November 4, 2016.
Mercedes Benz will apply the net cash proceeds of this offering for (i) making debt service payments of bilateral loans granted by local financial institutions and (ii) the granting of new loans for the acquisition, within Argentina, of new commercial vehicles of the brand Mercedes Benz, mainly including buses (urban and interurban), trucks and utility vehicles (medium and large).
Counsel to Mercedes-Benz Compañía Financiera Argentina S.A.:
Errecondo, González & Funes Abogados. Partner Carolina Curzi and associates Delfina Lynch and Agustín Hyland.
Counsel to the Placement Agents:
Tanoira Cassagne Abogados. Partner Alexia Rosenthal, junior partner Jaime Uranga and associate Ignacio Criado Díaz.