Argentina's Tarjeta Naranja to sell ARS 200 million class XIX notes

By Caroline Salls

Pittsburgh, Oct. 19 - Tarjeta Naranja SA plans to sell up to ARS 200 million of class XIX notes in one or two series at par under its $650 million global notes program, according to a news release.

Specifically, the company will issue ARS 40 million of 270-day class XIX series I notes and ARS 60 million of 18-month class XIX series II notes. However, the company can decide to issue more or less of either series of notes, with a maximum total issuance of ARS 200 million.

The minimum issuance amount will be ARS 5,000. The notes will be sold in ARS 1 increments after that.

Interest on the series one notes will accrue at the private Badlar rate, plus a margin to be determined.

The public "dissemination period" will run from Oct. 22 to Oct. 25, and public bids will be taken on Oct. 26.

The liquidation date will be Oct. 30.

Fitch Argentina Calficadora de Riesgo SA has rated the series I notes A1+(arg) and the series II notes AA(arg).

The agents are Banco de Galicia y Buenos Aires SA and Banco Itau Argentina SA.

Tarjeta Naranja is a credit card issuer based in Cordoba, Argentina.

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