We advised in Arcor S.A.I.C.’s International Exchange Offer

On November 9, 2022, Arcor S.A.I.C. (“Arcor”), a leading company in the mass consumer food products manufacturing market, successfully concluded the exchange offer of its 6.000% Fixed Rate Notes due 2023 (the “Old Notes”), for newly issued 8.250% Notes due October 9, 2027 (the “New Notes”) and cash consideration (the “Exchange Offer”); as provided in the Suplemento de Prospecto y Canje and the Exchange Offer Memorandum, both dated October 4, 2022 (as subsequently amended or supplemented).

Arcor concluded the Exchange Offer with a total participation of US$372,058,000 in aggregate principal amount of Old Notes, representing approximately 74.41% of the aggregate principal amount of Old Notes outstanding.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc. acted as dealer managers (the “Dealer Managers”), and Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A. and Banco Itaú Argentina S.A. acted as local placement agents (the “Local Placement Agents”).

Counsel to Arcor S.A.I.C.

Muñoz de Toro Abogados acted as local legal counsel through its team led by partners Ricardo Muñoz de Toro and Laura Gomes and associate Guillermina Muñoz de Toro.

Linklaters LLP acted as New York legal counsel through its team led by partner Conrado Tenaglia, counsel Alejandro Gordano and associates Juan Ignacio Mata and Loreto Joannon.

In-House Counsel to Arcor S.A.I.C.

Arcor was advised by its in-house legal team led by Federico Ivan Gottlieb and Matias Agustín Marolda and its in-house financial team led by Pablo Mainardi, Andrés Silva, Rogelio Gibaut, Santiago Lucas Blanco and Ignacio Etchegoyen.

Counsel to the Dealer Managers and the Local Placement Agents

Bruchou & Funes de Rioja acted as local legal counsel to the Dealer Managers and the Local Placement Agents through its team led by partner Alejandro Perelsztein and associates Leandro Belusci, Josefina Mortola Saiach and Facundo Suárez Loñ.

Davis Polk & Wardwell LLP acted as New York legal counsel to the Dealer Managers through its team led by partner Maurice Blanco, counsel Drew Glover and associate Carlos Escandón.