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Tarjeta Naranja to issue 2B Argentine pesos in bonds

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Tarjeta Naranja to issue 2B Argentine pesos in bonds

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.