Legal Advice in the Issuance of 360 Energy Solar S.A. Series 4 Notes for US$22,278,429 which Qualify as Green Bonds
Counsel to Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco Comafi S.A., Banco de Servicios y Transacciones S.A., BACS Banco de Crédito y Securitización S.A., Balanz Capital Valores S.A.U., Invertir en Bolsa S.A., Banco Mariva S.A., and PP Inversiones S.A. in the issuance of 360 Energy Solar S.A. 8.00% Series 4 Notes for US$22,278,429 due October 30, 2027 (indistinctively, the “Series 4 Notes” or the “Notes”), issued under the Global Notes Program for an amount of up to U$S200,000,000 (or its equivalent in other currencies or other unit value).
Series 4 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 Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco Comafi S.A.,Banco de Servicios y Transacciones S.A., BACS Banco de Crédito y Securitización S.A., Balanz Capital Valores S.A.U., Invertir en Bolsa S.A., Banco Mariva S.A., and PP Inversiones S.A. acted as placement agents of the Notes. Banco de Galicia y Buenos Aires S.A.U. and Banco BBVA Argentina S.A. acted as arrangers and, Banco de Galicia y Buenos Aires S.A.U., also acted as settlement agent.
Legal Advice in Petrolera Aconcagua Energía S.A.’s Notes Issuance
Counsel in the issuance of Petrolera Aconcagua Energía S.A.’s (i) Class XV simple notes for a total amount of U$S 30,617,307 (thirty million six hundred and seventeen thousand three hundred and seven hundred and seven U.S. Dollars) denominated and payable in U.S. Dollars, at a fixed interest rate of 9.00% nominal annual rate, maturing on October 28, 2028, and (ii) Class XVI simple notes for a total amount of U$S 18,159,306 (eighteen million one hundred and fifty-nine thousand three hundred and six U.S. Dollars) denominated in U.S. Dollars, to be paid in Pesos or through the delivery of Eligible Notes, payable in Pesos at the Applicable Exchange Rate, at a fixed interest rate of 8.00% nominal annual rate, maturing on October 28, 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 and placement agent of the Notes, Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Puente Hnos S.A. and Balanz Capital Valores S.A.U. acted as arrangers and placement agents of the Notes, and Banco Mariva S.A., Allaria S.A., Invertir en Bolsa S.A., Banco Supervielle S.A., SBS Trading S.A., Banco de la Provincia de Buenos Aires, TPCG Valores S.A.U., Invertironline S.A.U., Cocos Capital S.A., BACS Banco de Crédito y Securitización S.A., Neix S.A., Latin Securities S.A., Consultatio Investments S.A., Facimex Valores S.A. and PP Inversiones S.A. acted as placement agents of the Notes.
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.
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$1,000,000,000.
Banco de Servicios y Transacciones S.A., SBS Trading S.A., Balanz Capital Valores S.A.U., Facimex Valores S.A., Puente Hnos. S.A., Banco Supervielle S.A., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., Invertir en Bolsa S.A., Invertironline S.A.U., Banco de la Provincia de Buenos Aires, Bull Market Brokers S.A., Macro Securities S.A.U., Banco Santander Argentina S.A., Allaria S.A., Global Valores S.A., Becerra Bursátil S.A. and Adcap Securities Argentina S.A. acted as placement agents of Class XXXII Notes, Class XXXIII Notes and Class XXXIV Notes. SBS Capital S.A. and Banco de Servicios y Transacciones S.A. acted as arrangers of the issuance, and Banco de Servicios y Transacciones S.A. also acted as settlement agent of the issuance.
Celulosa Argentina S.A.’s U$S34,873,114 Class 18 Notes and $4,533,448,945 Class 19 Notes Offering
Counsel to Celulosa Argentina S.A. in the issuance of 9.25% Class 18 Notes for U$S34,873,114 due May 16, 2028 denominated and payable in U.S. dollars and 6.99% over Badlar Rate Class 19 Notes for $4,533,448,945 due May 16, 2025 denominated and payable in Pesos, under its U$S 150,000,000 Global Notes Program.
Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., Balanz Capital Valores S.A.U., Invertironline S.A.U, Zofingen Securities S.A., Banco Supervielle S.A., Banco de Galicia y Buenos Aires S.A.U., Adcap Securities Argentina S.A., Banco de la Provincia de Buenos Aires and Banco CMF S.A. acted as placement agents of Class 18 and Class 19 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.