Province of Chubut’s Notes Issuance for U$S 50,000,000
Legal counsel to Banco del Chubut S.A., as arranger, placement agent and financial agent, in the issuance of the Province of Chubut’s Notes issued under Rule 144A (according the US Securities Act), under the $ 1,200,000,000 Notes Program. Puente Corredor de Bolsa S.A. acted as dealer manager.
“BeST Consumer Finance Serie XL” Financial Trust for AR$ 108,400,000
Deal counsel in the issuance and placement in Argentina of trust securities for AR $ 108,400,000 issued under the “BeST Consumer Finance Serie XL” Financial Trust, in which Banco de Servicios y Transacciones S.A acted as arranger, trustor, servicer and custodian, and TMF Trust Company (Argentina) S.A acted as trustee.
Province of Córdoba’s Notes Issuance for U$S 725,000,000
Legal counsel to Province of Córdoba, as the Issuer, and Banco de la Provincia de Córdoba S.A., as arranger, placement agent and financial agent, in the issuance of the Province of Córdoba’s U$S 725,000,000 million Notes under Rule 144A (according the US Securities Act), under the U$S 1,096,000,000 Notes Program. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted as dealer managers. Of the new money acquired U$S 200,000,000 were used to tender its 12.375% Senior Notes due 2017 and Deutsche Bank Trust Company Americas acted as Trustee, Registrar, Principal Paying Agent and Transfer Agent and Deutsche Bank Luxembourg S.A., as the Luxembourg paying agent, transfer agent and listing agent. (2016)
USD 60 million financial loan granted to Generación Mediterránea S.A.
Counsel to the borrower in the obtention of USD 60.000.000 granted by Credit Suisse Securities (USA) LLC as the sole lead arranger lender in favor of Generación Mediterránea S.A. The financing was granted for investments and maintenance of the thermo-electric power stations located in the Provinces of la Rioja and Córdoba, granted with a pledge and fiduciary assignment of certain assets to TMF Trust Company (Argentina) S.A.
“Compañía Argentina de Granos V” Financial Trust for AR$ 207 million
Deal counsel in the issuance and placement in Argentina of trust securities for AR$ 207,144,610 issued under the “Compañía Argentina de Granos V” Financial Trust, in which Banco Supervielle S.A. acted as arranger and placement agent, Banco Mariva S.A. acted as co-placemente agent, TMF Trust Company (Argentina) S.A. acted as financial trustee and Compañía Argentina de Granos S.A. acted as trustor and servicer.
“Credimas Serie 27” Financial Trust for AR$ 120 million
Deal counsel in the issuance and placement in Argentina of trust securities for AR $ 120,000,000 issued under the “Credimas Serie 27” Financial Trust, in which Banco Supervielle S.A. acted as arranger and placement agent, TMF Trust Company (Argentina) S.A. acted as financial trustee and Credimas S.A. acted as trustor, servicing and custody agent (2016).
Argentina: Renewable Energy Plan: Open Call to Bid
Important news was made public today in Argentina regarding electricity generation from renewable sources.
(1) The Official Gazette published the following resolutions of the Ministry of Energy and Mining:
- Resolution No. 71/2016 (“Resolution 71”). This Resolution sets forth the initiation of the Procedure for the Open Call to supply in the Wholesale Electricity Market (“MEM”, for its acronym in Spanish language) electricity from renewable generation sources denominated the “RenovAr Program (Round 1)” (“RenovAr”) in order to comply with the renewable energy contribution targets established for December 31st, 2017 by Law No. 27,191 (the “Open Call”). With the purpose of implementing the Open Call, Resolution 71 promotes a public consultation of a preliminary draft of the Bidding Terms and Conditions (the “Preliminary Bidding Terms”), a draft of Renewable Power Purchase Agreement (“Renewable PPA”), and other related documents to be published by the Administrator of the Wholesale Electricity Market (“CAMMESA”, pursuant to its acronym in Spanish language) in the following 5 days. During the public consultation period, all those interested in making observations and contributions to the documents published by CAMMESA may freely do so. The Under Secretariat of Renewable Energy shall receive such contributions and subsequently publish the definitive bidding terms. Additionally, Resolution 71 sets forth that, as a result of the Open Call, bidders with awarded offers shall execute Renewable PPA.
- Resolution No. 72/2016 (“Resolution 72”). esolution 72 sets forth the procedure in order to obtain the Certificate of Participation in the context of the Renewable Energy Promotion Regime and the procedure to be implemented for the Monitoring of Investments and the Application of Tax Benefits (“Monitoring of Investments and the Application of Tax Benefits”). To receive a Certificate of Participation, Resolution 72 provides for the specific applicable requirements which shall be taken into account on Annex I. Additionally, Annex II determines stipulations of the procedure applicable to the Monitoring of Investments and the Application of Tax Benefits.
(2) CAMMESA’s website (www.cammesa.com.ar) published today the following preliminary documents:
- Preliminary Bidding Terms. The document includes the terms and conditions for qualification and future award of the bids received in order to execute a Renewable PPA with CAMMESA. Annex 1 of the document displays a preliminary schedule of the Open Call foreseeing the publication of the definitive bidding terms for July 1st and the award of the bids for September 28th, 2016.
- Renewable PPA Draft. Among other provisions, with the purpose of attracting investors and reducing financing costs, the document provides for mechanisms to assure the payment of the Renewable PPA through the Trust Fund for the Development of Renewable Energy (FODER, according to its acronym in Spanish language), the granting of payment priority, and mechanisms to facilitate executive collection procedure.
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Crédito Directo S.A.´s AR$ 50,000,000 Class III Short Term Notes Issuance
Deal counsel in the issuance of Crédito Directo S.A.´s AR$ 50,000,000 Class III Short-Term Notes under its $ 500,000,000 Global Short-Term Notes Programme.
Banco de Servicios y Transacciones S.A. acted as arranger and placement agent. Banco Mariva S.A., AdCap Securities Argentina S.A. and Tarallo S.A. acted as placement agents.
“Consumo Vida Serie VI” Financial Trust for AR$ 63,000,000
Deal counsel in the issuance and placement in Argentina of trust securities for AR $ 63,000,000 issued under the “Consumo Vida Serie VI” Financial Trust, in which Cooperativa de Crédito, Consumo y Servicios Sociales La Plata Ltda. and Credymand S.A. acted as trustors, and Banco de Servicios y Transacciones S.A. acted as arranger, trustee and servicer.
“RG Albanesi Serie III” Financial Trust for AR$ 230 million
Legal Advisors of the trustor Rafael G. Albanesi S.A. in the issuance and placement in Argentina of AR$ 230,000,000 “RG ALBANESI SERIES III” Trust Securities, under the U$S 50,000,000 Global Trust Programme “RG ALBANESI”. TMF Trust Company (Argentina) S.A. acted as trustee, Banco Macro S.A. and SBS Capital S.A. acted as arrengers, while Macro Securities S.A., SBS Trading S.A. and SBS Trade S.A. acted as placement agents.