We advised on the Issuance of Elebar X Financial Trust

Marval O’Farrell Mairal advised on the creation of the Elebar Program and on the issuance of the fiduciary securities corresponding to the Elebar X Financial Trust, issued under the Elebar Program, for a total amount of ARS 2,833,980,000.

The issuance took place on May 9, 2025, and included class A trust debt securities for a total of ARS 2,589,040,000; class B trust debt securities for ARS 168,022,000; and class C trust debt securities for ARS 76,918,000.

The transaction was authorized for public offering by the Argentine Securities Commission on April 29, 2025, and is listed in Bolsas y Mercados Argentinos SA.

The class A trust debt securities, class B trust debt securities, and class C trust debt securities have been qualified by FIX SCR SA Risk Rating Agent as “A1+sf(arg),” “BBB+sf(arg),” and “BB+sf(arg),” respectively.

Santa Monica SA acted as settlor, administrator, and collection agent. Banco de Valores SA acted as trustee, arranger, and underwriter; and Provincia Bursatil SA, First Capital Markets SA, Banco de Servicios y Transacciones SA, Banco CMF SA, and Banco Mariva SA acted as underwriters.

Marval O’Farrell Mairal acted as legal advisor for the transaction through a team led by partner Sergio Talamo, together with associate Lautaro Penza.