Marval advised the consortium of banks, the security agent and the administrative agent on the financing of Gloria Foods’ acquisition of Saputo’s operations

Marval O’Farrell Mairal acted as Argentine legal counsel to JPMorgan Chase Bank, N.A., Coöperatieve Rabobank U.A., Banco Santander, S.A. and Banco Internacional del Perú S.A.A., in their capacity as lending banks, in connection with the senior loan granted to Gloria Foods to finance the acquisition of Saputo’s operations in Argentina and the region.

Marval O’Farrell Mairal also advised Glas Americas LLC, in its capacity as security agent, and Glas USA LLC, in its capacity as administrative agent.

Gloria Foods, a subsidiary of Grupo Gloria, obtained a senior loan granted by the consortium of banks, intended to finance the acquisition of Saputo’s dairy operations in Argentina and the region.

In Argentina, the security package included the creation of pledges over certain local companies through which Saputo conducted its operations in the country.

Marval O’Farrell Mairal advised the lending banks, the security agent and the administrative agent on all aspects of Argentine law relating to the loan granted by the banks and the structuring and implementation of the local security package, including the creation of the pledges.

The Marval O’Farrell Mairal team was led by partners Santiago Carregal and Sergio Tálamo, with the participation of associates Javier Emilio Redondo, Pedro María Azumendi and Lautaro Penza, from the Banking & Finance department.

The point to review remains the inconsistency between “bancos prestatarios” in the first paragraph and “bancos acreedores” later in the Spanish version. Here, I used “lending banks” / “lenders” for consistency in English, but that should be confirmed with the team before closing.