Nicholson y Cano and Tanoira Cassagne advise Havanna, the classic confectionery from Mar del Plata, in its successful Initial Public Offering

June 21, 2016

Havanna is one of the first companies that tapped into the stock market in Argentina after years of drought. The company sold 4,270,558 shares, at AR$ 37 per share, raising AR$ 158 million.

Nicholson y Cano, one of the leading law firms in Argentina, advised Havanna Holding S.A. in its initial public offering (IPO), with the sale of 4,270,558 shares at a purchase price of AR$ 37 per share, which enabled the company to raise AR$ 158 million. Havanna became the first of many companies hoping to launch their IPOs, after a slow start of the year for the Buenos Aires Stock Exchange.

Tanoira Cassagne Abogados advised Puente Hermanos S.A. in its role of Placement Agent and Arranger.

This operation will allow Havanna to finance part of the investment of AR$ 100 million in a new plant, located 13 kilometers away from the city of Mar del Plata, aiming to concentrate and increase its production.

Havanna Holding S.A. is a company based in the province of Buenos Aires, dedicated to the production, marketing and export of alfajores, dulce de leche, cookies and other products. The company operates mainly through self-owned coffee shops and local franchises known as “Havanna Café”.

Havanna alfajores factories produce about 100 million units per year. The company has 212 coffee shops, is present in 9 countries and 11% of its production is for export.

Nicholson y Cano advised the issuer in legal, financial, corporate and tax areas. During the process, which lasted over a year, the firm conducted a legal Due Diligence of the company, prepared all documentation to be filed with the National Securities Commission (“Comisión Nacional de Valores” or “CNV”), and the Buenos Aires Stock Exchange regarding the offering, provided legal advice on the adequacy of the Company to the public offering regime, and also assisted the client in the process of placing the shares, and reporting obligations with the governmental agencies.

Tanoira Cassagne Abogados advised Puente Hermanos S.A. in its role of Placement Agent and Arranger being Puente Hnos S.A. the first bookrunner that placed the shares under the new CNV´s Bookbuilding Rules, setting a precedent in this matter.

At Nicholson y Cano, Marcelo Villegas (Partner), Juan Martín Ferreiro and Delfina Nicholson (Senior Associates) led the operation from the financial sector, while Veronica Sarratea (Senior Associate) and Agostina Griselli (Associate), provided advice on corporate issues.

At Tanoira Cassagne Abogados, Alexia Rosenthal (Partner) and the Associates Rocio Carrica, Victoria Bengochea and Ignacio Nantes, advised the Placement Agent and Arranger, Puente Hnos. S.A.