Tanoira Cassagne Abogados advises in the financing of US$ 3.4 million for rice producers in the Province of Corrientes through the Private Financial Trust “Corrientes Exporta Arroz”
Tanoira Cassagne Abogados was deal counsel, in a transaction in which Banco de Servicios y Transacciones S.A. acted as Arranger, Trustee and Beneficiary (the “Organizer”), Banco de Corrientes S.A. acted as Beneficiary and Arranger, Cooperativa Puerto Valle was trustor (the “Trustor” or the “Cooperative”), and the Fondo de Desarrollo, Garantía, Sustentabilidad y Anticíclico de la Provincia de Corrientes (the “Fund”) acted as Beneficiary and gave a put option to the holders of Debt Securities issued under the Private Financial Trust “Corrientes Exporta Arroz” (the “Trust”), under which debt securities were issued for US$ 3,259,682.58 at an interest rate of 9.75 %, and Participation Certificates for US$ 171,562.24, both with a maturity of 12 months.
The funds corresponding to the financing granted through the Trust will be used to finance rice production destined for export, by 28 (twenty-eight) small rice producers from the Province of Corrientes (the “Producers”) who are members of the Cooperative, that acts as trustor.
The credits transferred to the Trust consist of the collection rights related to contracts for the sale of supplies entered into between the Producers and the Trustee. Likewise, the Trust has the right to use the payment of the rice exports to the pay the amounts corresponding to the securities issued by the Trust. Additionally, the Fund granted the Debt Security holders a guarantee which is applicable in case of default, implemented through a put option, which can be exercised by holders if there is a breach of the payment obligations under said securities.
This notice is not, nor may it be construed as a public offering of Securities issued under the Trust, since they have been issued privately. Authorization for public offering of such securities has not been and will not be requested with the Comisión Nacional de Valores.
Legal Advisor of the Transaction
Tanoira Cassagne Abogados – Partners Alexia Rosenthal and Jaime Uranga and associates Rocío Carrica and Enrique Fernández Sáenz.
Banco de Servicios y Transacciones S.A.’s Internal Counsel: Paula De La Serna.
Banco de Corrientes S.A.’s Internal Counsel: Pepe Tenaillon.