09 Oct 25 Cerolini & Ferrari advised Recard on its first issuance of notes under the Low-Impact Automatic Authorization Regime together with Banco CMF, Banco de Servicios y Transacciones, Banco de Valores and Fid Aval

Agustín L. Cerolini, Martín Chindamo, Valentina Circolone and Tomás Mingrone

Cerolini & Ferrari Abogados advised Recard S.A. (“Recard”) on its first issuance of notes under the Low-Impact Automatic Authorization Regime, for a value of $900,000,000 (the “Notes”). The issuance of the Notes took place on September 30, 2025, at a variable interest rate equivalent to the Tamar Rate with a cut-off margin of 7%, payable quarterly, and at an issuance price of 100% of the nominal value.

Recard is a company belonging to the Elebar card group, dedicated to the assembly and sale of household appliances since 1998.

The company’s commercial brand is “Punto Blu” and it currently markets a wide range of home products through its digital platform (www.puntoblu.com.ar).

In addition, its strategic association with “Tarjeta Elebar” enabled the use of its 33 branches located in the Province of Buenos Aires as delivery points. Recard also operates a retail store in the city of Tres Arroyos.

The offering was addressed to qualified investors in the local market and the Notes have been authorized for listing and trading on A3 Mercados S.A.

Banco CMF S.A., Banco de Servicios y Transacciones S.A.U. and Banco de Valores S.A. acted as arrangers, placement agents and guarantor entities of the Notes. In turn, Fid Aval S.G.R. acted as guarantor entity.

External legal counsel of Recard, Banco CMF, Banco de Servicios y Transacciones, Banco de Valores, and Fid Aval.

Cerolini & Ferrari Abogados

Partners Agustín L. Cerolini and Martín Chindamo and associates Valentina Circolone and Tomás Mingrone.