04 Jun 25 Cerolini & Ferrari and PAGBAM advised on a new issuance of BSF Notes

By Agustín L. Cerolini, Martín Chindamo, Valentina Circolone y Tomás Mingrone

Cerolini & Ferrari Abogados advised Banco de Servicios Financieros S.A. (“BSF”), as issuer, and Pérez Alati, Grondona, Benites & Arntsen advised Banco Santander Argentina S.A., as placement and arranger agent, and Macro Securities S.A.U., Balanz Capital Valores S.A.U., Banco Supervielle S.A., Banco Comafi S. A., Banco Patagonia S.A., Banco de Servicios y Transacciones S.A., Allaria S.A., GMC Valores S.A., Industrial Valores S.A., and Banco de Crédito y Securitización S.A. as placement agents, in the issuance of class 26 notes for a nominal amount of AR$ 16,236,975,000 (the “Notes”).

On June 2, 2025, BSF issued the Notes under its global program for the issuance of notes for a nominal value of AR$ 16,236,975,000. The Notes will mature on June 2026 and bear variable interest rate corresponding to the sum of the “TAMAR Privada” Rate and the 6% cut-off margin. The principal of the Notes will be amortized in an installment equal to 100% of the nominal value on the maturity date of the Notes.

The Notes were offered to qualified investors in the local market and have been authorized for listing in Bolsas y Mercados Argentinos S.A. and for trading in A3 Mercados S.A.

BSF is a financial institution that develops its business within the specialized banking segment, centralizing its activity in the consumer credit sector. In this sense, BSF’s activity is focused on retail financing, and essentially oriented to the financing of end customers, purchasers of products marketed by INC S.A. (operator of the supermarket chain of the Carrefour Group in Argentina).

The financing granted to customers of different stores of the Carrefour Group in Argentina is offered through the Carrefour Card, issued by BSF, and also through personal loans granted to those customers who already have such credit card. The financing is granted, depending on the line of business in question, either exclusively for the purchase of products marketed by Carrefour Group stores in Argentina or for other purposes.

BSF’s in-house legal counsel

Eduardo Dezuliani and Melisa Peralta.

BSF’s external legal advisors

Cerolini & Ferrari Abogados

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

Placement agents’ legal advisors

Pérez Alati, Grondona, Benites & Arntsen

Partner Diego Serrano Redonnet, counsel Nicolás Aberastury and associates Juan Ignacio Rodriguez Goñi and Tamara Friedenberger.