Roch S.A. court restructuring process (concurso preventivo de acreedores)
Counsel to Roch S.A. in its successful financial debt restructuring under a court reorganization process (concurso preventivo de acreedores) in accordance with Argentine Bankruptcy Law No.24,522, after obtaining the judicial endorsement to the agreements reached with its creditors.
In the context of the reorganization, Roch managed to refinance: (i) financial loans with Banco Itaú Argentina, Banco de la Ciudad de Buenos Aires and Banco Provincia de Tierra del Fuego; (ii) a secured private note originally issued on December 13th, 2018; and (iii) series 4 notes maturing on June 18, 2020and series 5 notes maturing on April 15, 2021.
As a result of the refinancing process, Roch issued a new secured private note and series 1 notes under the public offering regime and executed loan restructuring agreements with Banco Itaú Argentina, Banco de la Ciudad de Buenos Aires and Banco Provincia de Tierra del Fuego. The company's total new restricted financial debt is US$28,825,177. All instruments under the new financial debt have the same terms and conditions: (i) 6.50% fixed interest rate (except for Banco Itaú Argentina loan, which bears a variable interest rate and is denominated in Argentine Pesos); (ii) mature on July 27, 2027; (iii) principal will be amortized in 22 quarterly installments and an initial 10% principal payment will be made; and (iv) interest will be paid on the same principal amortization dates.
The new financial debt is secured on a pro rata basis by a security trust assignment agreement of certain collection rights under hydrocarbon sales operations of the Company.
Issuance of PyME CNV Guaranteed Class I Notes of Vitalcan S.A. for $120,000,000
Counsel in the issuance of the PyME CNV Guaranteed Class I Notes for $120,000,000 by Vitalcan S.A. due on February 9, 2024.
Banco Supervielle S.A, Banco BBVA Argentina S.A. and Banco Comafi S.A, acted as arrangers, placement agents and guarantee entities of Class I Notes. Comafi Bursátil S.A. acted as placement agent of the Notes.
Legal Advice in the Issuance of Class 17 Notes of Celulosa Argentina S.A. for US$ 9,337,600
Counsel to Celulosa Argentina S.A. in the issuance of 9.50% Class 17 Notes for US$ 9,337,600 due August 9, 2025 under its US$ 150,000,000 Global Notes Programme. Class 17 Notes are denominated in U.S. dollars and payable in Argentine pesos.
Banco de Servicios y Transacciones S.A. and Puente Hnos. S.A. acted as arrangers and placement agents of Class 17 Notes.
MSU Energy S.A.´s US$ 15.100.000 Series V Notes Offering
Counsel to MSU Energy S.A. in the issuance of its 8% Series V Notes for US$ 15,100,000, denominated, integrated and payable in U.S. dollars, maturing 24 months from the issuance date, under its US$ 100,000,000 Global Notes Program.
Albanesi Group´s US$50,000,000 Notes Offering
Counsel to Generación Mediterránea S.A. and Central Térmica Roca S.A. in the co-issuance of 9.5% Class XIV Notes for US$5,858,103 due July 18, 2024, 3.5% Class XV Notes for US$27,659,195 due July 18, 2025, and 0.0% Class XVI Notes for 15,889,019 UVAs (Unidades de Valor Adquisitivo) due July 18, 2025, issued under the Global Notes Program for an amount of up to US$700,000,000.
SBS Capital S.A., Banco de Servicios y Transacciones S.A. and Balanz Capital Valores S.A.U. acted as arrangers, and SBS Trading S.A., Banco de Servicios y Transacciones S.A., Allaria Ledesma & Cía S.A., Balanz Capital Valores S.A.U., Nación Bursátil S.A., Invertir en Bolsa S.A., Banco de la Provincia de Buenos Aires, Macro Securities S.A., Facimex S.A., AWM Valores S.A., BACS Banco de Crédito y Securitización S.A., Banco Supervielle S.A., Banco Hipotecario S.A., Supervielle Agente de Negociación S.A.U., Adcap Securities Argentina S.A., Cocos Capital S.A. and Industrial Valores S.A. acted as placement agents of Class XIV Notes, Class XV Notes and Class XVI Notes.
SPI Energy S.A.´s US$ 135,000,000 Senior Secured Notes
Counsel to Banco de Servicios y Transacciones S.A., Banco de la Provincia de Buenos Aires and Banco Supervielle S.A. as arrangers and placement agents, and to Allaria Ledesma & Cia. S.A., Puente Hnos. S.A., Facimex Valores S.A., Industrial Valores S.A., Balanz Capital Valores S.A.U., Adcap Securities Argentina S.A., Banco Mariva S.A., Supervielle Agente de Negociación S.A.U., and TPCG Valores S.A.U. as placement agents, in the issuance of two series of U.S. Dollar-Linked senior secured notes for an aggregate principal amount of US$135,000,000 comprising its 4.00% Class 1 Senior Secured Notes due 2026, for an aggregate principal amount of US$33,499,900, and 6.75% Class 2 Senior Secured Notes due 2032, for an aggregate principal amount of US$101,500,100 (the “Notes”). The Notes are secured with first priority liens on SPI Energy’s rights under the project, including the combined cycle PPA with CAMMESA, and the project’s EPC contract and equipment.
Banco de Servicios y Transacciones S.A., Banco de la Provincia de Buenos Aires and Banco Supervielle S.A. acted as arrangers and placement agents, and Allaria Ledesma & Cia. S.A., Puente Hnos. S.A., Facimex Valores S.A., Industrial Valores S.A., Balanz Capital Valores S.A.U., Adcap Securities Argentina S.A., Banco Mariva S.A., Supervielle Agente de Negociación S.A.U., y TPCG Valores S.A.U. acted as placement agents for the Notes.
Legal Advice in the Issuance of Notes of 360 Energy Solar S.A. for US$ 20,000,000 Series 1 which qualify as Green Bonds
Counsel to Banco Itaú Argentina S.A., Banco de Valores S.A., Allaria Ledesma & Cía. S.A., Balanz Capital Valores S.A.U., Itaú Valores S.A., Banco de Servicios y Transacciones S.A., Invertir en Bolsa S.A., Nuevo Chaco Bursátil S.A., PP Inversiones S.A., BACS Banco de Crédito y Securitización S.A. and Banco Hipotecario S.A., in the issuance of 360 Energy Solar S.A. 1.25% Series 1 Notes for US$ 20,000,000 due December 29, 2025, which qualify as Green Bonds, issued under the Global Notes Program for an amount of up to U$S100,000,000 (or its equivalent in other currencies or other unit value).
The proceeds from the placement will be used to finance the construction, installation, commissioning, operation, and maintenance of the Solar Park “La Rioja-Nonogasta II”.
The Series 1 Notes are pledged to a guarantee and payment trust in which Citibank N.A. (Argentine Branch) acts as trustee.
Banco Itaú Argentina S.A., Banco de Valores S.A., Allaria Ledesma & Cía. S.A., Balanz Capital Valores S.A.U. Itaú Valores S.A., Banco de Servicios y Transacciones S.A., Invertir en Bolsa S.A., Nuevo Chaco Bursátil S.A., PP Inversiones S.A., BACS Banco de Crédito y Securitización S.A. and Banco Hipotecario S.A. acted as placement agents of the Series 1 Notes. Banco Itaú Argentina S.A. also acted as main arranger and settlement agent, and Banco de Valores S.A. also acted as arranger for the Series 1 Notes.
“AMFAyS – Serie 39” Financial Trust for AR$452,689,993
Legal advisors to StoneX Securities S.A. and Nuevo Banco de Santa Fe S.A. as arrangers and placement agents in the issuance and placement in Argentina by Asociación Mutual de las Fuerzas Armadas y de Seguridad (AMFAyS) as trustor and TMF Trust Company (Argentina) S.A. as trustee and issuer of debt securities Class 1 for AR$279,779,227, debt securities Class 2 for AR$19,212,307 and debt securities Class 3 for AR$153,698,459, under the Financial Trusts Global Program “AMFAyS – Serie 39” for an amount of up to AR$5,000,000,000.
Stoneway Debt Restructuring
Counsel to SCC Power in the acquisition of the business enterprise of Stoneway Capital Corporation, consisting of four power generation facilities located in Argentina, with an aggregate installed capacity of 737 MW. The acquisition and restructuring transactions were effected pursuant to the chapter 11 plan and the plan of arrangement pursuant to the Canada Business Corporations Act of Stoneway Capital Corporation and its affiliated debtors-in-possession, which went effective on May 17, 2022.
As consideration for the assets, SCC Power issued to certain creditors and interest holders of Stoneway U.S.$17,861,000 6.000% Secured First Lien Notes due 2028, U.S.$310,000,000 8.000% Secured Second Lien Notes due 2028 and U.S.$200,000,000 4.000% Secured Third Lien Notes due 2032. The first interest payment under the notes is due on September 15, 2022.
Legal Advice in the Issuance of Notes of CT Barragán S.A. for US$25,000,000 Series 6 and AR$ 1,753,791,000 Series 7
Counsel to Banco de Galicia y Buenos Aires S.A.U.; Banco Santander Argentina S.A.; Industrial and Commercial Bank of China (Argentina) S.A.U.; HSBC Bank Argentina S.A.; Balanz Capital Valores S.A.U.; SBS Trading S.A.; Banco Mariva S.A.; Banco Itaú Argentina S.A.; Invertir en Bolsa S.A.; AR Partners S.A.; BNP Paribas Sucursal Buenos Aires; Banco Hipotecario S.A.; Banco de la Provincia de Buenos Aires; BACS Banco de Crédito y Securitización S.A.; Cocos Capital S.A.; Banco de Servicios y Transacciones S.A.; Banco Comafi S.A.; TPCG Valores S.A.U.; Adcap Securities Argentina S.A. and Macro Securities S.A. as placement agents, in the issuance of CT Barragán S.A.’s 0% Series 6 Notes for US$25,000,000 due May 16, 2025, and floating annual interest rate Series 7 Notes for AR$ 1,753,791,000 due May 16, 2023. The Series 6 and the Series 7 Notes were issued on May 16, 2022 under the Global Notes Program for an amount of up to US$400,000,000. The Series 6 and the Series 7 Notes have a personal guarantee, subject to a resolutory condition granted by YPF S.A. and Pampa Energía S.A.
Banco de Galicia y Buenos Aires S.A.U.; Banco Santander Argentina S.A.; Industrial and Commercial Bank of China (Argentina) S.A.U.; HSBC Bank Argentina S.A.; Balanz Capital Valores S.A.U.; SBS Trading S.A.; Banco Mariva S.A.; Banco Itaú Argentina S.A.; Invertir en Bolsa S.A.; AR Partners S.A.; BNP Paribas Sucursal Buenos Aires; Banco Hipotecario S.A.; Banco de la Provincia de Buenos Aires; BACS Banco de Crédito y Securitización S.A.; Cocos Capital S.A.; Banco de Servicios y Transacciones S.A.; Banco Comafi S.A.; TPCG Valores S.A.U.; Adcap Securities Argentina S.A. and Macro Securities S.A. as placement agents of Series 6 and Series 7 Notes. Banco de Galicia y Buenos Aires S.A.U. also acted as Settlement Agent for Series 6 and Series 7 Notes.