“Supervielle Créditos 92” Financial Trust for AR$ 300 million
Deal counsel in the issuance and placement in Argentina of trust securities for AR$ 300,000,000 issued under the “Supervielle Créditos 92” Financial Trust, in which Banco Supervielle S.A. acted trustor, arranger and placement agent and servicing and custody agent and TMF Trust Company (Argentina) S.A. acted as financial trustee. (2015)
“Supervielle Créditos 91” Financial Trust for AR$ 300 million
Deal counsel in the issuance and placement in Argentina of trust securities for AR$ 300,000,000 issued under the “Supervielle Créditos 91” Financial Trust, in which Banco Supervielle S.A. acted trustor, arranger and placement agent and servicing and custody agent and TMF Trust Company (Argentina) S.A. acted as financial trustee. (2015)
“BeST Consumer Finance Serie XXXVIII” Financial Trust for AR$ 111,500,000
Deal counsel in the issuance and placement in Argentina of trust securities for AR $ 111,500,000 issued under the “BeST Consumer Finance Serie XXXVIII” 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.
Crédito Directo S.A.´s AR$ 50,000,000 Class II Short Term Notes Issuance
Deal counsel in the issuance of Crédito Directo S.A.´s AR$ 50,000,000 Class II 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.
“BeST Consumer Finance Serie XXXVII” Financial Trust for AR$ 108,800,000
Deal counsel in the issuance and placement in Argentina of trust securities for AR $ 108,800,000 issued under the “BeST Consumer Finance Serie XXXVII” 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.
Sale of a Radio Broadcasting Network and Studios
Legal counsel to the sellers in the sale to a group of investors of a company owning and operating three radio broadcasting frequencies, and the real estate and operations of its studios located in the City of Buenos Aires. (2015)
Albanesi S.A.’s AR$ 70 million Class I Notes Issuance
Counsel in Albanesi S.A.’s issuance of its AR$ 70,000,000 Class I Notes under its $ 100,000,000 Global Notes Programme, guaranteed by Rafael G. Albanesi S.A.
Banco Macro S.A., Banco Hipotecario S.A., Banco de Servicios y Transacciones S.A. y Raymond James Argentina S.A. acted as arrangers. Macro Securities S.A., BACS Banco de Crédito y Securitización S.A., Banco de Servicios y Transacciones S.A., Banco Hipotecario S.A. y Raymond James Argentina S.A. acted as placement agents and Consultatio Investments S.A. y Facimex Valores S.A., acted as co-placement agents.
Argentina: Relevant news for Oil & Gas
The Commission created by decree 1277/2012 is dissolved and other regulatory changes are enacted
A. Introduction
Decree 272/15 (“Decree 272”) was issued by the Executive Branch on December 29th, 2015 and published in the Official Gazette on January 4, 2016.
Decree 272 dissolves the Planning and Strategic Hydrocarbon Investment Commission (the “Commission”) that had been created by Decree 1277/12 (“Decree 1277”). In addition, several stipulations included in the Regulation of the Sovereign Hydrocarbon Regime (the "Regulation”) also approved by Decree 1277 are abrogated.
Decree 1277, issued with the purported end of regulating Law 26.741 (YFP expropriation), had given rise to relevant legal challenges as it was argued that the regulation had exceeded legal limits as well as interfering with provincial powers, against constitutional and legal provisions.
With the dissolution of the Commission and the abrogation of several stipulations included in the Regulation, Decree 272 has sought to overcome controversies with the aim of providing clarity and certainty to all players in the hydrocarbon industry, whether public or private.
B. Dissolution of the Commission
Pursuant to Article 1 of Decree 272, the Commission is dissolved. Article 3 awards the Ministry of Energy and Mining (the “Ministry”) the exercise of powers previously held by the Commission.
All acts issued by the Commission will remain in force insofar a resolution issued by the Ministry does not provide for its abrogation.
C. Abrogation of rules set out in the Regulation
Article 2 of Decree 272 abrogated articles 2, 3, 4, 5, 13, 14, 15, 18, 19, 20, 21, 25, 26, 27, 28, 31 y 32 of the Regulation.
- Articles 2, 3, 4 y 5 referred to the Commission, dissolved by Article 1 of Decree 272.
- Articles 13, 14, 15, 18, 19, 21, 25 y 26 referred to obligations imposed to producers, refining companies, transportation companies and retailers in the hydrocarbon industry with regards to the submission of Investment Plans and the Commission's audit powers.
- Article 20 banned refining companies from ceasing fuel supply and awarded the Commission with the power to impose penalties.
- Articles 27 y 28 awarded the Commission with the power to fix prices and audit costs.
- Article 31 detailed penalties that the Commission was authorized to impose.
Article 4 of Decree 272 provides that the Ministry will undertake a full review of regulations referring to information duties in the hydrocarbon industry with the aim of streamlining information provision and registries.
D. Other rules
Decree 272 provides, in its Article 6, that the shareholder rights from the National Government in YPF will be held by the Ministry.
“RG Albanesi Serie II” Financial Trust for AR$ 130 million
Legal Advisors of the trustor Rafael G. Albanesi S.A. in the issuance and placement in Argentina of AR$ 130,000,000 “RG ALBANESI SERIES II” Trust Securities, under the U$S 50,000,000 Global Trust Programme “RG ALBANESI”. TMF Trust Company (Argentina) S.A. acted as trustee, Banco Macro S.A. and SBS Capital S.A. acted as arrengers, while Macro Securities S.A., SBS Trading S.A. and SBS Trade S.A. acted as placement agents.
AR$ 117 million syndicated financial loan granted to Carsa S.A.
Legal counsel to Banco de Servicios y Transacciones S.A., Banco de la Ciudad de Buenos Aires, Banco Comafi S.A., Banco Santander Río S.A., Banco Mariva S.A, Banco Meridian S.A., y Banco de San Juan S.A., as lenders, in a syndicated financial loan granted to Carsa S.A. for an aggregate of AR$ 117,000,000.