Municipality of Río Cuarto’s Series XXXVII Treasury Notes Issuance for AR$2,800,000,000
Legal counsel to the Municipality of Rio Cuarto, as issuer, Banco de la Provincia de Córdoba S.A. and Puente Hnos. S.A., as arrangers and placement agents, and Banco de Galicia y Buenos Aires S.A.U., Adcap Securities Argentina S.A., Banco de Servicios y Transacciones S.A., Facimex Valores S.A., and Global Valores S.A., as placement agents in the issuance of Municipality of Río Cuarto’s Series XXXVII Treasury Notes (the “Treasury Notes”), under the Municipality of Río Cuarto’s Treasury Notes Issuance Programme. The transaction closed on October 10 , 2024, and the Treasury Notes are secured by the Municipality's credits for contributions levied on commercial, industrial and service companies’ activities, and subsidiarily by the resources derived from the Federal Co-participation Regime. The Treasury Notes were issued for AR$2,800,000,000 at an annual floating interest rate equivalent to Badlar plus 10,97%, due on July 10, 2025.
Exchange Offer and Consent Solicitation of Grupo Albanesi's Local Notes for US$ 325.8 million
Legal counsel to Grupo Albanesi in the exchange offer and consent solicitation, launched on August 9, 2024, and closed on August 30, 2024, assisting Generación Mediterránea S.A. (“GEMSA”), Central Térmica Roca S.A. (“CTR”), and Albanesi Energía S.A. (“AESA”), in one of the most significant exchange offers ever carried out in the Argentine capital markets, considering the number of instruments involved.
As part of this transaction, US$ 325.8 million of the total principal amount of US$ 403.4 million, corresponding to 22 classes of notes maturing between 2024 and 2026, were voluntarily exchanged for 8 new classes of notes maturing between 2027 and 2028, representing an 81% acceptance rate.
Simultaneously, Grupo Albanesi obtained additional funding of US$ 11,441,687 through the cash subscription of the new notes.
Additionally, GEMSA-CTR and AESA, by means of collective action clauses, requested the consent of the holders of their existing notes to modify certain terms and conditions of those notes, including interest rates and payment dates, so that they would be aligned with the terms and conditions of the new issuances.
Caja de Valores acted as the exchange and consent solicitation agent.
As a result of the transaction, GEMSA and CTR co-issued the following notes under their Global Notes Program (non-convertible into shares) for a total nominal value of up to US$ 1,000,000,000 (or its equivalent in other currencies or units of measure or value):
- Class XXXV HD Bullet Notes at a fixed interest rate of 9.75%, maturing on August 28, 2027, for a nominal value of US$ 52,379,003.
- Class XXXVI DL Bullet Notes with a step-up fixed interest rate of 6.75%, maturing on August 28, 2027, for a nominal value of US$ 65,120,032.
- Class XXXVII DL Amortizing Notes with a step-up fixed interest rate of 6.75%, maturing on August 28, 2028, for a nominal value of US$ 71,337,585.
- Class XXXVIII UVA Bullet Notes at a fixed annual nominal interest rate of 4.00%, maturing on August 30, 2027, for a nominal value of 21,765,631 UVAs.
On the other hand, AESA issued the following notes under its Global Notes Program (non-convertible into shares) for a total nominal value of up to US$ 250,000,000 (or its equivalent in other currencies or units of measure or value):
- Class XV HD Bullet Notes at a fixed interest rate of 9.75%, maturing on August 28, 2027, for a nominal value of US$ 17,749,189.
- Class XVI DL Bullet Notes with a step-up fixed interest rate of 6.75%, maturing on August 28, 2027, for a nominal value of US$ 42,028,280.
- Class XVII DL Amortizing Notes with a step-up fixed interest rate of 6.75%, maturing on August 28, 2028, for a nominal value of US$ 44,788,040.
- Class XVIII UVA Bullet Notes at a fixed annual nominal interest rate of 4.00%, maturing on August 30, 2027, for a nominal value of 24,670,554 UVAs.
Banco de Servicios y Transacciones S.A., Balanz Capital Valores S.A.U., and SBS Capital S.A. acted as Arrangers, with Banco de Servicios y Transacciones S.A. serving as the Settlement Agent.
The Placement Agents included SBS Trading S.A., Banco de Servicios y Transacciones S.A., Balanz Capital Valores S.A.U., Facimex Valores S.A., Puente Hnos S.A., Banco Supervielle S.A., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., Invertir en Bolsa S.A., Invertironline S.A.U., Banco de la Provincia de Buenos Aires, Bull Market Brokers S.A., Banco Santander Argentina S.A., Allaria S.A., Global Valores S.A., Macro Securities S.A.U., Becerra Bursátil S.A., Adcap Securities Argentina S.A., GMA Capital S.A., GMC Valores S.A., Inviu S.A.U., TPCG Valores S.A.U., Petrini Valores S.A.U., Consultatio Investments S.A., Latin Securities S.A., Neix S.A., Buenos Aires Valores S.A., Nación Bursátil S.A., and PP Inversiones S.A.
Municipality of Cordoba’s Treasury Bonds 2024 Series I Issuance for AR$ 40,000,000,000
Legal counsel to the Municipality of Córdoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement, and to Banco Santander Argentina S.A., Banco Comafi S.A., Banco Hipotecario S.A., Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., Banco de Galicia y Buenos Aires S.A.U., Macro Securities S.A., Banco Patagonia S.A., SBS Trading S.A., Adcap Securities Argentina S.A., Facimex Valores S.A., Petrini Valores S.A., Becerra Bursátil S.A., S&C Inversiones S.A., and Banco de la Ciudad de Buenos Aires as placement agents, in the issuance of Municipality of Cordoba’s Treasury Bonds 2024 Series I (the “Treasury Bonds 2024 Series I”), under the Municipality of Cordoba’s Treasury Bonsds Issuance Program. The payments due under the Treasury Bonds 2024 Series I are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Treasury Bonds 2024 Series I were issued on September 9, 2024, for AR$ 40,000,000,000 at an annual floating interest rate equivalent to Badlar plus 7.00%, due on September 9, 2026.
Legal Advice in Petrolera Aconcagua Energía S.A.’s Class XIV Notes Issuance
Counsel in the issuance of Petrolera Aconcagua Energía S.A.’s Class XIV Notes, for AR$19,313,593,400 issued on September 4, 2024, and due September 4, 2025, under its US$ 500,000,000 Global Notes Program.
Banco de Servicios y Transacciones S.A., acted as arranger and placement agent of the Notes, and Banco Mariva S.A., Banco Supervielle S.A., Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., SBS Trading S.A., Banco de la Provincia de Buenos Aires, Allaria S.A., Adcap Securities Argentina S.A., Columbus IB Valores S.A., Balanz Capital Valores S.A.U. and Puente Hnos. S.A. acted as placement agents of the Notes.
Celulosa Argentina S.A.’s U$S3,699,506 Class 20 Notes and U$S11,300,494 Class 21 Notes Offering
Counsel to Celulosa Argentina S.A. in the issuance of 8.00% Class 20 Notes for U$S3,699,506 due February 8, 2026 Class 20 Notes are denominated and payable in U.S. dollars and 7.00% Class 21 Notes for U$S11,300,494 due February 8, 2026 Class 21 Notes are denominated in U.S. dollars and payables in Pesos, both under its U$S 150,000,000 Global Notes Program.
Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., Balanz Capital Valores S.A.U., Zofingen Securities S.A., Invertironline S.A.U, Banco Supervielle S.A., Facimex Valores S.A., and GMC Valores S.A. acted as placement agents of the Notes. Banco de Servicios y Transacciones S.A. and Puente Hnos. S.A. acted as arrangers of the issuance, and Banco de Servicios y Transacciones S.A. also acted as settlement agent of this issuance.
Legal Advice in Petrolera Aconcagua Energía S.A.’s Class XII Note Issuance
Counsel in the issuance of Petrolera Aconcagua Energía S.A.’s 2.00% Class XII Notes, for US$ 25,023,948 issued on July 18, 2024, and due July 18, 2026, under its US$ 500,000,000 Global Notes Program.
Banco de Servicios y Transacciones S.A., acted as arranger and placement agent, and Banco Mariva S.A., Banco Supervielle S.A., Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., SBS Trading S.A., Consultatio Investments S.A., Allaria S.A., Adcap Securities Argentina S.A., Facimex Valores S.A., Balanz Capital Valores S.A.U. and Invertir en Bolsa S.A., acted as placement agents.
Legal Advice in the Issuance of Series XIV Notes of MSU S.A. for US$ 33,500,000
Counsel to Banco de Galicia y Buenos Aires S.A.U. as arranger, placement agent and settlement agent, and Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., Banco de la Ciudad de Buenos Aires, and Adcap Securities Argentina S.A. as placement agents, in the issuance of MSU S.A. 7.50% Series XIV Notes for US$ 33,500,000 issued on July 23, 2024, and due July 23, 2027, under its US$ 200,000,000 Global Notes Program.
Banco de Galicia y Buenos Aires S.A.U. acted as arranger, placement agent and settlement agent, and Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., Banco de la Ciudad de Buenos Aires, and Adcap Securities Argentina S.A. acted as placement agents.
Albanesi Group´s US$59,889,072 Senior Notes Offering in the Argentine and International Capital Markets
Counsel to Generación Mediterránea S.A. and Central Térmica Roca S.A. in the co-issuance of 12.50% Class XXXI Notes for US$59,889,072 due May 28, 2027, issued under the Notes Program for an amount up to US$1,000,000,000.
The offer was addressed to the Argentine and International capital markets under the exemptions provided in the US Securities Act of 1933, as amended.
The Class XXXI Notes are secured by an Argentine law-governed collateral trust and first-priority pledges.
The Bank of New York Mellon acted as Class XXXI Notes Trustee, Paying Agent, Registrar, Transfer Agent, and Settlement Agent. Balanz Capital Valores S.A.U. acted as local Registrar. TMF Trust Company (Argentina) S.A. acted as Argentine Collateral Agent and Onshore Trustee. Banco de Servicios y Transacciones S.A., Bull Market Brokers S.A., Puente Hnos. S.A., Balanz Capital Valores S.A.U., Global Valores S.A., SBS Trading S.A. and BACS Banco de Crédito y Securitización S.A. acted as Placement Agents of Class XXXI Notes issued on May 28, 2024, and Balanz Capital Valores S.A.U. acted as Placement Agent of Class XXXI Notes issued on June 4, 2024.
Albanesi Group´s US$ 17,492,182.63 Notes Offering
Counsel to Generación Mediterránea S.A. and Central Térmica Roca S.A. in the co-issuance of 9.50% Class XXXII Notes for US$11,075,280 due May 30, 2026, variable interest rate Class XXXIII Notes for AR$1,109,148,312 due May 30, 2025, and 5.00% Class XXXIV Notes for 4,723,361 UVAs (Unidades de Valor Adquisitivo) due May 30, 2026, issued under the Notes Program for an amount up to US$1,000,000,000.
Banco de Servicios y Transacciones S.A., SBS Trading S.A., Balanz Capital Valores S.A.U., Facimex Valores S.A., Puente Hnos. S.A., Banco Supervielle S.A., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., Invertir en Bolsa S.A., Invertironline S.A.U., Banco de la Provincia de Buenos Aires, Bull Market Brokers S.A., Macro Securities S.A.U., Banco Santander Argentina S.A., Allaria S.A., Global Valores S.A., Becerra Bursátil S.A. and Adcap Securities Argentina S.A. acted as placement agents of Class XXXII Notes, Class XXXIII Notes and Class XXXIV Notes. SBS Capital S.A. and Banco de Servicios y Transacciones S.A. acted as arrangers of the issuance, and Banco de Servicios y Transacciones S.A. also acted as settlement agent of the issuance.
Province of Cordoba’s Class 2 Bonds Issuance for AR$ 120,000,000,000 (approximately US$ 134,078,212)
Legal counsel to the Province of Córdoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement agent, and Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., Banco Santander Argentina S.A., Banco Hipotecario S.A., Banco Comafi S.A., Banco de Galicia y Buenos Aires S.A.U., Balanz Capital Valores S.A.U. and Macro Securities S.A., as placement agents, in the issuance of Province of Córdoba’s Class 2 Bonds (the “Class 2 Bonds”), under the Province of Cordoba’s Treasury Bonds Issuance Program for up to US$350,000,000. The payments due under the Class 2 Bonds are secured by a collateral assignment over rights of the Province of Córdoba arising from the Federal Tax Regime (Regimen de Coparticipación Federal). The Class 2 Bonds were issued in an aggregate principal amount of AR$ 120,000,000,000 equivalents to approximately US$ 134,078,212. Principal under the Class 2 Bonds is adjusted by the Reference Stabilization Index (Coeficiente de Estabilización de Referencia) plus a 4.50% interest rate. The Class 2 Bonds are due on May 24, 2027, and are repaid in two (2) amortization installments on November 24, 2026, and May 24, 2027. The proceeds of the Class 2 Bonds will be applied by the Province of Córdoba to the financing of the execution of infrastructure projects that make up the investment plan for the fiscal year 2024.