We advised on the Issuance of the “Elebar XI” Financial Trust

Marval O’Farrell Mairal acted as a legal advisor in the creation of the “Elebar” Program and in the issuance of the fiduciary securities corresponding to the “Elebar XI” Financial Trust, issued under the “Elebar” Program, for a total amount of ARS 2,889,911,000.

The issuance took place on June 27, 2025. It included Trust Debt Class A Securities for a total of ARS 2,608,914,000 ; Trust Debt Class B Securities for a total of ARS 198,571,000; and Trust Debt Class C Securities for a total of ARS 82,426,000.

The transaction was authorized for public offering by the Argentine Securities Commission on June 19, 2025 and is listed in Bolsas y Mercados Argentinos SA.

The Trust Debt Class A Securities, Trust Debt Class B Securities, and Trust Debt Class C 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