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Tarjeta Naranja raises $250M in bond offering

Tarjeta Naranja SA on April 6 completed a $250 million offering of five-year class XXXVII bonds, according to a company filing.

The offering, which had been expandable to up to $300 million, drew 83 offers.

The bonds, to be issued April 11, were priced at par with a margin of 3.50% for an expected first-year interest rate of 22.4375%.

Banco de Galicia and Buenos Aires SA And Banco Itaú Argentina SA served as local placement agents for the offering.

The offering is part of the bank's existing bond program for up to $650 million or its equivalent in other currencies.