Marval O’Farrell Mairal Advises on PSA Finance Argentina’s Issuance of Series 31, 32, and 33 Notes
On February 28, 2025, PSA Finance Argentina Compañía Financiera SA issued three series of notes for a total of ARS 30,000 million distributed as follows:
- Series 31, denominated in UVAs, subscribed and payable in ARS at a fixed interest rate of 8.00%, with maturity in February 28, 2027, for a nominal value of 2,590,901 UVAs.
- Series 32, denominated and payable in ARS, accruing interest at a variable rate equivalent to the TAMAR rate plus a 3.20% margin, maturing on February 28, 2026, for a nominal value of ARS 19,813,161,044.
- Series 33, denominated and payable in ARS, accruing interest at a fixed effective monthly rate of 2.50%, maturing on August 28, 2025, for a nominal value of ARS 6,650,000,000.
On February 25, 2025, FIX SCR SA Agente de Calificacion de Riesgo (a Fitch Ratings affiliate) rated the notes as follows:
- Series 31: “AA (arg)”
- Series 32: “A1+(arg)”
- Series 33: “A1+(arg).”
The notes were authorized for listing on Bolsas y Mercados Argentinos SA and for trading on A3 Mercados (formerly, Mercado Abierto Electronico SA).
This issuance was carried out under PSA’s global notes program of up to USD 50,000,000. The funds raised will be used as working capital for granting new secured loans and leasing contracts for vehicle purchases, as well as for financing dealer stock.
Banco BBVA Argentina SA and Banco de Galicia y Buenos Aires SAU acted as organizers and placement agents, while Macro Securities SAU, Banco Patagonia SA, Banco Comafi SA, and Max Capital SA acted as placement agents.
Marval O’Farrell Mairal’s team led by Sergio Tálamo, with the participation of Juan Pablo Lentino and Lautaro Penza advised the Organizers and Placement Agents.