Marval advises ten banks on the amendment of syndicated loans in favor of Cartasur Cards S.A.  

Marval, O’Farrell & Mairal advised Banco Mariva S.A., Banco de la Ciudad de Buenos Aires, Banco de Servicios y Transacciones S.A., Banco CMF S.A., Banco de San Juan S.A., Banco Meridian S.A., Banco de la Provincia de Córdoba S.A., BACS Banco de Crédito y Securitización S.A., Banco Voii S.A.  and Banco Provincia del Neuquén S.A. in the amendments to syndicated loans granted in 2017 and 2018 for a total amount of ARS253,393,938.21 (equivalent to USD 5,544,725.12) to Cartasur Cards S.A., an Argentine company of consumer credits and issuer of Cartasur-Cabal credit card.

Banco Mariva S.A., acted as arranger, administrative agent, colateral agent and lender; while Banco de la Ciudad de Buenos Aires, Banco de Servicios y Transacciones S.A., Banco CMF S.A., Banco de San Juan S.A., Banco Meridian S.A., Banco de la Provincia de Córdoba S.A., BACS Banco de Crédito y Securitización S.A., Banco Voii S.A. and Banco Provincia del Neuquén S.A. acted collectively as lenders,

Among the guarantees provided to ensure the fulfilment of the obligations arising from the loans, the company assigned collection rights resulting from certain personal loans. Likewise, Cartasur granted promissory notes to each bank, which are guaranteed by the shareholders. Additionally, the shareholders have also securitized and pledged their shares equivalent to 51% of the share capital.

This transaction has a special feature,  which is an intercreditor agreement between the banks, the company and other creditors to regulate their relationships under the amended syndicated loans and other company debts.

Counsel list:

Legal counsel of the banks:
Marval, O’Farrell & Mairal:  Partner Juan M. Diehl Moreno and associates Sergio Tálamo, María Manuela Lava, Jacqueline Berkenstadt and Josefina Griot.

Legal counsel of Banco de la Provincia de Córdoba S.A.
Tavarone, Rovelli, Salim & Miani Abogados: Partner Federico Salim and associates María Paula Lusich and  Luciana Godoy. 

Counsel to Cartasur Cards S.A.

Beccar Varela: Partner Maria Shakespeare and associates Gonzalo Javier Ochoa and Luciana Liefeldt.

First Financial Services acted as financial advisor of the company.