Municipality of Cordoba’s Series I Bonds 2025 Issuance for AR$ 50,551,640,000
Legal counsel to the Municipality of Cordoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement, and Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A.U., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., SBS Trading S.A., Facimex Valores S.A., Banco Patagonia S.A., S&C Inversiones S.A., Petrini Valores S.A. y Becerra Bursátil S.A. as placement agents, in the issuance of Municipality of Cordoba’s Series I Secured Bonds 2025 (the “Series I Bonds 2025”), under the Municipality of Cordoba’s Bonds Issuance Program. The payments due under the Series I Bonds 2025 are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Series I Bonds 2025 were issued on March 26, 2025, for AR$ 50,551,640,000 at an annual floating interest rate equivalent to TAMAR plus 5.50% per annum, due on March 26, 2027.
Municipality of Cordoba’s Series LII Treasury Notes Issuance for AR$ 32,159,267,000
Legal counsel to the Municipality of Cordoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement agent, and to Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A.U., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., SBS Trading S.A., Facimex Valores S.A., Banco Patagonia S.A., S&C Inversiones S.A., Petrini Valores S.A. and Becerra Bursátil S.A. as placement agents, in the issuance of Municipality of Cordoba’s Series LII Treasury Notes (the “Treasury Notes Series LII”), under the Municipality of Cordoba’s Treasury Notes Issuance Program. The payments due under the Treasury Notes Series LII are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Treasury Notes Series LII were issued on March 26, 2025, for AR$ 32,159,267,000 at an annual floating interest rate equivalent to Tamar plus 4.50%, due on November 28, 2025.
Legal Advice on the Mandatory Tender Offer of IEB Construcciones (formerly DYCASA)
We advised Inversora Mercedes S.A., in its capacity as the bidder (the “Bidder”), in connection with the Mandatory Public Tender Offer (“OPA”) that took place as a result of the acquisition of control of IEB Construcciones S.A. (formerly known as DYCASA S.A.) (the “Affected Company”).
On October 31, 2024, the Bidder acquired 15,367,532 Class A shares and 4,463,094 Class B shares, representing 66.10% of the share capital and 88.88% of the voting rights of the Affected Company, thereby gaining control of the company.
As a result, in accordance with the Argentine Capital Markets Law, on February 28 of this year, the Bidder launched an OPA directed at all holders of ordinary Class B shares of the Affected Company, at a price of ARS 473.6680 per share, resulting in the acquisition of a total of 768 shares.
The formal aspects of the OPA were approved by the CNV (Argentine Securities and Exchange Commission) through a Board resolution dated February 19, 2025.
Invertir en Bolsa S.A. and Macro Securities S.A.U. acted as OPA Agents.
Our Firm acted as legal advisor for the transaction through a team led by our partner Francisco Molina Portela, with the participation of associate Juan Cruz Carenzo.
River Plate makes AR$ 12.000.000.000 Initial Notes Offering Due 2027
On February 25, Club Atlético River Plate Asociación Civil carried out its first issuance of Notes under the special regime for social impact issuances, becoming the first football club in the country to issue corporate debt in the capital market.
The Notes Series I, maturing on February 27, 2027, were issued for amount of AR$12,000,000,000,000 (Pesos twelve billion) and will accrue interest at a variable rate equivalent to the TAMAR Rate plus a margin of 3.89%.
Additionally, these Notes are aligned with the Social Bond Principles (SBP) of the International Capital Market Association (ICMA). The “Universidad Nacional de Tres de Febrero” (UNTREF), in its role as external reviewer, rated the issue as a “BS2+” social bond, concluding that it complies with the four main components of the ICMA Principles and generates a positive social impact.
Banco Supervielle S.A., Banco BBVA Argentina S.A., Banco CMF S.A., Banco de Valores S.A. and Banco Comafi S.A. participated as arrangers, placement agents and guarantee agents, while Latin Securities S.A., Invertir Online S.A. and Allaria S.A. acted as placement agents.
Legal Advice in the Issuance of 360 Energy Solar S.A. Series 5 Notes for US$15.000.000 which Qualify as Green Bonds
Counsel to Banco de Servicios y Transacciones S.A., Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Banco de Valores S.A., Industrial Valores S.A., Allaria S.A., Balanz Capital Valores S.A.U., Invertir en Bolsa S.A., Banco Comafi S.A., PP Inversiones S.A., BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Adcap Securities Argentina S.A., Deal S.A., Banco CMF S.A. and Banco de la Provincia de Buenos Aires in the issuance of 360 Energy Solar S.A. 8.75% Series 5 Notes for US$15.000.000 due September 5, 2027 (indistinctively, the “Series 5 Notes” or the “Notes”), issued under the Global Notes Program for an amount of up to U$S200,000,000 (or its equivalent in other currencies or other unit value).
Series 5 Notes qualify as Green Bonds.
The proceeds from the placement will be used to (i)finance the construction, installation, commissioning, operation, and maintenance of photovoltaic solar parks and storage systems related to the Eligible Green Project Portfolio. (ii) integration of working capital; and (iii) integration of capital contributions in controlled or related companies. The Notes are denominated and payable in U.S. dollars in Argentina.
Banco de Servicios y Transacciones S.A., Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Banco de Valores S.A., Industrial Valores S.A., Allaria S.A., Balanz Capital Valores S.A.U., Invertir en Bolsa S.A., Banco Comafi S.A., PP Inversiones S.A., BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Adcap Securities Argentina S.A., Deal S.A., Banco CMF S.A. and Banco de la Provincia de Buenos Aires acted as placement agents of the Notes. Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Banco de Valores S.A. and Banco de Servicios y Transacciones S.A. acted as arrangers and, Banco de Servicios y Transacciones S.A., also acted as settlement agent.
Grupo Albanesi Successfully Completed the Offering of US$9,364,764 Notes
Counsel to Grupo Albanesi in the public offering of US$ 3,686,873Class XXXII Additional Notes due May 30, 2026, AR$ 6.024.952.347 Class XLII Notes due Feb 26, 2026 co-issued by Generación Mediterránea S.A. and Central Térmica Roca S.A. under their US$ 1,000,000,000 Global Notes Program, and guaranteed by Albanesi Energía S.A.
The Notes were co-issued on February 26, 2025.
SBS Trading S.A., Banco de Servicios y Transacciones S.A., Invertironline S.A.U., Balanz Capital Valores S.A.U., Bull Market Brokers S.A., Banco de la Provincia de Buenos Aires,., Facimex Valores S.A., Puente Hnos S.A., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., Banco Supervielle S.A., , Banco Santander Argentina S.A., Allaria S.A., Becerra Bursátil S.A., Global Valores S.A. Adcap Securities Argentina S.A., Neix S.A., ACA Valores S.A., Banco de Galicia y Buenos Aires S.A.U., PP Inversiones S.A., Leiva Hermanos S.A., GMA Capital S.A., Deal S.A., S&C Inversiones S.A. and GMC Valores S.A. acted as placement agents of Class XXXII Notes, Class XLII Notes. Banco de Servicios y Transacciones S.A. acted as Settlement Agent of the issuance.
Government moves forward with the privatization of Corredores Viales S.A.
On February 17, 2025, the Government took a significant step towards the privatization of Corredores Viales S.A., a state-owned company which currently manages a network of over 6,000 kilometers of roads, with the publication of Decree No. 97/2025 (“Decree 97”). This decree authorizes the complete privatization of Corredores Viales S.A. through the award of public works concession agreements, according to the provisions of the Foundations Law and the Public Works Concession Law.
Key highlights of Decree 97 include:
- Termination of the existing concession contracts for certain sectors under Corredores Viales S.A.;
- The initiation of selection procedures for the award of new public works concession agreements for road corridors, in accordance with the provisions of the Public Works Concession Law; and
- The dissolution and liquidation of Corredores Viales S.A., which will take place once the concession contracts have been awarded and executed with the preferred bids.
Furthermore, Decree 97 grants the Ministry of Economy the authority to oversee the bidding process, modify the road section configurations, and even exclude or include specific road segments as neccesary.
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For further details please reach out to: Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Florencia Martínez Trobbiani, Macarena Becerra, Victoria Barrueco, or Giuliana Manzolido.
Open Call for BESS and power generation “AlmaGBA”
On February 17, 2025, the Secretary of Energy published Resolution 67/2025 (“Resolution 67”), initiating the national and international open tender “Almacenamiento AlmaGBA” (the “Call for Bids”).
The Call for Bids is designed to incorporate new Battery Energy Storage System (“BESS”) generation power plants within the concession areas of the distribution companies Edenor and Edesur. The goal is to achieve a combined capacity of 500 MW, with an execution period of 12 to 18 months.
Preferred bidders will enter into a power storage and generation agreement (the “Storage-Generation PPA”) with Edenor and Edesur, with CAMMESA acting as a last-resort guarantor.
While the full details of the Storage-Generation Agreement are yet to be released, the main aspects of the Call for Bids are outlined below:
1. Scope of the Call for Bids
The Call for Bids seeks to enhance the reliability and supply conditions, within the Buenos Aires metropolitan area and the Wholesale Electricity Market (“WEM”), focusing on specific connection nodes (“CNs”), which are specified in the Call for Bids.
Bidders selected under the Call for Bids will enter into a Storage-Generation PPA, committing to energy supply and power availability for a minimum of four (4) consecutive hours per full discharge cycle. The term of the Storage-Generation PPA will be 15 years.
2. Minimum and maximum power capacity per project
The power capacity for each bid must range from a minimum of 10 MW to a maximum capacity, determined by the lesser of 150 MW or the capacity assigned to each CNs.
3. Storage-Generation PPA
Under the Storage-Generation PPA, Edenor or Edesur will be the principal obligors, whereas CAMMESA will serve as a last-resort guarantor. Should a payment default occur for two or more periods, CAMMESA may be required to pay the outstanding amonuts in lieu of Edenor or Edesur, as applicable.
CAMMESA’s guarantee will be capped at a maximum of twelve (12) consecutive months, equivalent to the remuneration under the Storage-Generation PPA.
The full terms of the Storage-Generation PPA will be published no later than March 31, 2025.
4. Call for Bids Schedule
- Consultation period: February 19 - May 4, 2025.
- Publication of the Storage-Generation PPA: March 31, 2025.
- Publication of responses to consultations: February 24 - May 11, 2025.
- Bids Submission deadline: May 19, 2025.
- Award date: June 27, 2025.
- Storage-Generation PPA signing date: June 30, 2025.
5. Bidders and offers requirements
Among the various requirements set forth in the Call for Bids, bidders are required to provide a bank guarantee of US$10,000 per MW as a bid bond.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Victoria Barrueco and/or Manuel Crespi.
Privatization of Belgrano Cargas y Logística S.A.
On February 10th, 2025, the National Government published Decree 67/2025 (“Decree 67”), authorizing the total privatization of Belgrano Cargas y Logística S.A. (“Belgrano Cargas”), according to the provisions of the Foundations Law.
Decree 67 orders the vertical disintegration and separation of the activities and assets of each business unit of Belgrano Cargas through the celebration of public works concession contracts for the railroad tracks and workshops, together with their adjacent properties, and the sale of the rolling stock through a public auction.
The Ministry of Economy, in cooperation with the Transformation of Public Enterprises Agency, is empowered to provide all the necessary regulations to carry out the procedure. It is also in charge of carrying out the biddings for the railways and workshops concession contracts celebration, the public auction for the sale of the rolling stock, and the dissolution of Belgrano Cargas.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Juan Pablo Bove, Paula Cerizola, Florencia Martinez Trobbiani, Macarena Becerra, Rocío Valdez, Victoria Barrueco, and/or Manuel Crespi.
Legal Counsel to Banco CMF S.A. in the Issuance of Class 17 and Class 18 Notes for US$ 29,101,826
Legal counsel to Banco CMF S.A. in the issuance of Class 17 Notes, denominated, subscribed, and payable in U.S. Dollars in Argentina, at an interest rate of 4.50% maturing on August 6, 2025, for a total amount of US$ 19,376,200, and Class 18 Notes, denominated, subscribed, and payable in Argentine Pesos, at a variable interest rate (“TAMAR Privada”) plus a margin of 3.25% maturing on February 6, 2026, for a total nominal value of AR$ 10,250,000,000, under the Global Notes Program for an amount of up to US$100,000,000 (or its equivalent in other currencies or units of measure or value).