Cerolini & Ferrari advised on the first issuance of SES together with CMF, Galicia and Itaú

Cerolini & Ferrari advised SES S.A., Banco CMF S.A., Banco de Galicia y Buenos Aires S.A.U., and Banco Itaú Argentina S.A. in the first issuance of notes of SES under the PyME CNV Garantizada regime of the National Securities and Exchange Commission for a nominal amount of AR$ 500,000,000 (the “Notes”).

SES is a company engaged in the development of complex road engineering works, such as low-level crossings, highway bridges and medium and low voltage electrical infrastructure works. 

It also develops and implements structured wiring solutions, electronic security systems and hardware integrations. 

In this context, on September 16th, 2022, SES issued the Notes for a nominal amount of AR$ 500,000,000,000, maturing in September 2024, at a variable interest rate equivalent to the Badlar Rate plus a margin of 0%, payable quarterly and at an issuing price of 100% of the nominal value, whose principal will be amortized in five installments, each of them equivalent to 20% of the nominal value.

The offering was directed to the local market and the Notes have been authorized for their listing on the Mercado Abierto Electrónico S.A. (MAE).

Banco CMF and Banco Galicia acted as arrangers of the issuance and, likewise, Banco CMF, Banco Galicia and Banco Itaú acted as placement agents and guarantors of the Notes.

 

Banco CMF’s In-house counsel
Miriam González and Cristian Ríos 

Banco Galicia’s In-house counsel
Enrique Cullen, Fernán Pereyra de Olazábal y Patricia Araujo

Banco Itaú’s In-house counsel
Mariana Inés Sanchez

SES, Banco CMF, Banco Galicia and Banco Itaú’s external legal advisors

Cerolini & Ferrari Law Firm
Partner Agustín L. Cerolini and associates Martín Chindamo, Dana König and Juan Bautista Marquez