Category: Business

Information regarding the business sector.

YPF offers to redeem $1 billion bond

YPF announced yesterday a proposed swap to extend the maturity of a $1 billion international bond. The paper matures in March 2021. The proposal is to offer those who join a cash payment and a new series of Negotiable Obligations with final maturity in 2025. Thus, for every $1,000 face value of Class XLVII, the investor will get $100 cash and $950 face value of a new series.

Because of the crisis, BASF and Axalta stop producing car paints

Two major car paint manufacturers announced in the last hours that they would stop producing in the country as a result of the crisis caused by the pandemic both locally and globally. They are the German company Basf and the American company Axalta. The German company will move production to the state of Sao Paulo but will continue to operate commercially in the country through imports. On the other hand, the American company announced that it is withdrawing from the local market definitively.

Closing of Latam: Negotiations for 1,715 layoffs set in motion

The departure of Latam from Argentina means that it stops flying to 12 domestic destinations, three regional ones (Sao Paulo, Santiago de Chile and Lima) and one international one (Miami). Yesterday, the date was set to begin negotiations on the future of the 1,715 employees who will be fired when Latam Airlines completes its exit from Argentina.

Arcor seeks $7.09 million today

Arcor will go out today to the capital market to seek funding through the issuance of negotiable bonds indexed to the official dollar, for which it expects to get at least 500 million pesos ($7.09 mn). They will earn interest equivalent to the Badlar rate for private banks, currently at 29.63% per year, plus a cut margin to be established on the day of the auction and will have a term of 15 months.

Bioceres obtained financing for $15 million and improved its credit rating

Rizobacter, an Argentine agricultural microbiology company and subsidiary of Bioceres, a provider of crop productivity solutions, obtained $15 million in Series III Negotiable Obligations (ON) with an 18-month term and a nominal annual interest rate of 4.73%. It was one of the few companies that obtained an improvement in its credit rating based on excellent financial performance. The company has grown in sales, not only in Argentina but also internationally.

Fintech Ualá could be the sixth Argentine firm worth more than $1 bn

According to CB Insights, the fintech Ualá could become the sixth Argentine firm valued in more than $1 billion. The other five firms are Mercado Libre, Despegar, OLX, Globant and Auth0. Ualá was founded in 2017 by economic historian Pierpaolo Barbieri and received investments from billionaire George Soros, Tencent and SoftBank. Since the quarantine, the firm has issued 170,000 cards, and payment for services through the app has increased by 300%.