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.
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$100,000,000 (or its equivalent in other currencies or units of measure or value).
Grupo Albanesi Secures a US$ 80,000,000 Loan for the Refinancing of Certain short-term Liabilities due 2025
Counsel to Grupo Albanesi (Generación Mediterránea S.A., Central Térmica Roca S.A. y Albanesi Energía S.A.) in the granting of a syndicated loan for a committed amount of US$ 59,000,000 and a máximum amount of US$ 80,000,000 (the “Loan”) by Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A.U. (the “Arrangers”), Banco Supervielle S.A., Banco Santander Argentina S.A., Banco de la Provincia de Córdoba S.A., Banco de la Ciudad de Buenos Aires, Banco de Servicios y Transacciones S.A., and Banco de la Provincia de Buenos Aires (collectively with the Arrangers, the “Lenders”), for the refinancing of certain short-term liabilities due 2025.
The Loan, entered into on January 21, 2024, was partially disbursed by the Lenders on the such date, and the funds were successfully applied to the repayment of the certain short-term liabilities due 2025.
The Loan has a grace period of 24 months, matures in 2028, and is secured by a fiduciary assignment of its collection rights under certain PPAs (Power Purchase Agreements) of Generación Mediterránea S.A. and Central Térmica Roca S.A.
Consequently, Grupo Albanesi secured the necessary funding to refinance certain short-term liabilities and continues its process of improving its long-term debt profile and strengthening its financial position.
Legal Advice in Petrolera Aconcagua Energía S.A.’s Notes Issuance
Counsel in the issuance of Petrolera Aconcagua Energía S.A.’s Class XVII simple notes for a total amount of USD 29,244,801 (twenty-nine million two hundred forty-four thousand eight hundred one U.S. Dollars) denominated and payable in U.S. Dollars, at a fixed interest rate of 9.00% nominal annual rate, maturing on January 30, 2028, under its Global Notes Program (not convertible into shares), for up to a maximum amount of U.S. Dollars 500,000,000 (or its equivalent in other currencies or units of value)
Banco de Servicios y Transacciones S.A., acted as arranger, settlement agent and placement agent of the Notes, Banco Santander Argentina S.A. and Puente Hnos S.A. acted as arrangers and placement agents of the Notes; and Banco de Galicia y Buenos Aires S.A.U., Banco Mariva S.A., Allaria S.A., SBS Trading S.A., Banco de la Provincia de Buenos Aires, Banco Supervielle S.A., Invertironline S.A.U., BACS Banco de Crédito y Securitización, Cohen S.A., Industrial Valores S.A., Mills Capital Markets S.A., NEIX S.A., PP Inversiones S.A., Latin Securities S.A, Option Securities S.A. and Banco Patagonia S.A. acted as placement agents of the Notes.
MSU Energy Secures a US$ 222,000,000 Loan for the Refinancing of its International Notes due 2025
Counsel to MSU Energy S.A. in the granting of a syndicated loan of US$ 222,000,000 (the “Loan”) by Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Galicia y Buenos Aires S.A.U., and Banco Santander Argentina S.A. (the “Arrangers”), together with Banco BBVA Argentina S.A., Banco Hipotecario S.A., Banco de la Nación Argentina, Banco de la Ciudad de Buenos Aires, Banco de Valores S.A., and Banco de la Provincia de Buenos Aires (collectively with the Arrangers, the “Lenders”), for the refinancing of its international notes due 2025.
The Loan, entered into on November 7, 2024, was disbursed by the Lenders on December 23, 2024, and the funds were successfully applied to the redemption of the portion of MSU Energy S.A.’s bonds not voluntarily exchanged for New Notes, maturing 2025 with an interest rate of 6.875% for an aggregate amount of US$ 600,000,000 (the “2025 Notes”).
Simultaneously, we advised MSU Energy S.A. in the issuance of a secured international bond at a 9.750% interest rate, maturing 2030, for an aggregate amount of US$ 400,000,000 (the “New Notes”), which consisted of (a) an exchange offer of the 2025 Notes, which were voluntarily tendered in exchange for New Notes for an aggregate principal amount of US$223,352,460 (the “Exchange Offer”); and (b) the issuance of additional New Notes for an aggregate principal amount of US$ 176,647,540 (the “New Money Issuance”).
The US$ 222,000,000 Loan, together with the New Money Issuance, were applied to the redemption of such nominal amounts of 2025 Notes not validly tendered and accepted for exchange pursuant to the Exchange Offer.
Consequently, MSU Energy S.A. secured the necessary funding to refinance the entirety of its 2025 Notes and completed its complex refinancing process, significantly enhancing its long-term debt profile and strengthening its financial position for future growth.