The board of Tarjeta Naranja SA has approved the issuance of class XL negotiable obligations for up to 2.00 billion Argentine pesos, according to a regulatory filing.
The notes, which are not convertible into shares, will accrue at either a fixed or variable interest rate, or a combination of both. The bank did not specify the maturity of the debt.
The date of the issue has also yet to be announced.
Banco de Galicia y Buenos Aires SA will act as organizer for the issuance.
The offering is part of the company's global program for the issuance of simple negotiable obligations for up to $650.0 million.
As of March 5, US$1 was equivalent to 20.25 Argentine pesos.
