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Tarjeta Naranja to issue bonds worth 1B Argentine pesos

Argentinefinancial services firm TarjetaNaranja SA plans to issue on Sept. 27 negotiable bonds worth 1billion Argentine pesos, the company said in a Sept. 22 filing.

Theinitial offering, which was comprised of two series, one with an 18-month termand another with a 48-month term, was for a total of 600 million pesosexpandable up to 1 billion pesos.

The18-month series is for 225.61 million pesos and will pay an interest rate basedon Argentina's private Badlar rate plus a cut-off margin of 2.99%.

The48-month series is for 774.39 million pesos with a cut-off margin of 3.99%.Both series will pay a minimum annual interest rate of 26%, the company said ina separate filing Sept. 21.

Therewas no proration on the 18-month bonds but the 48-month bonds had a prorationof 85.10%.

Thebonds are part of Tarjeta Naranja's global bond program for up to $650 millionor its equivalent in other currencies.

Bancode Galicia y Buenos Aires SA and HSBC Bank Argentina SA served as placingagents.

As of Sept. 22, US$1 wasworth 15.18 Argentine pesos.