“RG Albanesi Serie X” Financial Trust for AR$ 730,000,000
Legal advisors of the trustor Rafael G. Albanesi S.A. in the issuance and placement in Argentina of AR$ 730,000,000 “RG ALBANESI SERIES X” Trust Securities, under the U$S 100,000,000 Global Trust Programme “RG ALBANESI”. TMF Trust Company (Argentina) S.A. acted as trustee, Banco de Servicios y Transacciones S.A. acted as arranger and placement agent; SBS Capital S.A. acted as arranger; and SBS Trading S.A. and BACS Banco de Crédito y Securitización S.A. acted as arrangers and placement agents.
Issuance of U$S 250,300,000 in Senior Notes by MSU Energy S.A. in the International and Argentine Market
Legal counsel to MSU Energy S.A., as Issuer, in the issuance of Senior Notes worth U$S250,300,000 with public offering, and due 2024. The offer was addressed to the Argentine and International Market under the exemptions provided in the US Securities Act of 1933, as amended. The Notes are listed on Bolsas y Mercados Argentinos S.A., and the Mercado Abierto Electrónico S.A. J.P. Morgan Securities LLC acted as Initial Purchaser; and Puente Hnos. S.A., as Local Placement Agent; Citibank, N.A. acted as Trustee, Paying Agent, Registrar and Transfer Agent; and the Argentine branch of Citibank, N.A. acted as Trustee in Argentina, Co-Registrar, Paying and Transfer Agent and Argentine Collateral Agent.
Province of Chubut’s Series XLVI Treasury Notes Issuance for AR$ 100,000,000
Legal counsel to Banco del Chubut S.A., as arranger, placement and financial agent in the issuance of Province of Chubut’s Series XLVI Treasury Notes. The Treasury Notes Series XLVI are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime and were issued for AR$ 100,000,000 fixed rate equivalents to 26.50% annual nominal, due on July 14, 2020.
Province of Chubut’s Series XLV Treasury Notes Issuance for AR$ 52,253,500
Legal counsel to Banco del Chubut S.A., as arranger, placement and financial agent in the issuance of Province of Chubut’s Series XLV Treasury Notes. The Treasury Notes Series XLV are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime and were issued for AR$ 52,253,500 fixed rate equivalents to 25.50% annual nominal, due on June 22, 2020.
Province of Chubut’s Series XLIV Treasury Notes Issuance for AR$ 380,000,000
Legal counsel to Banco del Chubut S.A., as arranger, placement and financial agent, and to Puente Hnos. S.A. as placement agent, in the issuance of Province of Chubut’s Series XLIV Treasury Notes. The Treasury Notes Series XLIV are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime and were issued for AR$ 380,000,000 fixed rate equivalents to 22.85% annual nominal, due on May 26, 2020.
Municipality of Cordoba’s Series XXXVI Treasury Notes Issuance for AR$ 466,411,250
Legal counsel to the Municipality of Cordoba, to Banco de la Provincia de Córdoba S.A., as arranger and placement, and to Puente Hnos. S.A., Banco de Servicios y Transacciones S.A. and AdCap Securities Argentina S.A. as placement agents, in the issuance of Municipality of Cordoba’s Series XXXVI Treasury, under the Municipality of Cordoba’s Treasury Notes Issuance Programme. The transaction settled on April 3, 2020 and the payments due under the Treasury Notes Series XXXVI are secured by certain rights of the raising of the Municipality for the contribution that affects the Commercial, Industrial and Services activity. The Treasury Notes Series XXXVI was issued for AR$ 466,411,250 variable rate equivalents to Badlar plus 7%, due on July 3, 2020.
MSU S.A.'s USD 13,857,742 Series VII Notes
Legal counsel to Banco de la Provincia de Buenos Aires, Balanz Capital Valores S.A.U., INTL CIBSA S.A. and Banco de Galicia y Buenos Aires S.A.U. acting as placement agents in MSU S.A.’s issuance of series VII notes for U$S 13,857,742 under the global program of notes for an amount of up to U$S 50,000,000. The Series VII Notes were issued on March 10, 2020 at a 9% fixed rate and due fifteen months from the date of issuance.
Province of Chubut’s Series XLII Treasury Notes class 1, class 2 and class 3 Issuance for AR$ 402,850,000
Legal counsel to Banco del Chubut S.A., as arranger, placement and financial agent, and to Puente Hnos. S.A. as placement agent, in the issuance of Province of Chubut’s Series XLII Treasury Notes class 1, class 2 and class 3, under the Province of Chubut’s Treasury Notes Issuance Programme. The transaction settled on February 6, 2020 and the payments due under the Treasury Notes Series XLII are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime. Class 1 was issued for AR$ 350,850,000 due on March 11, 2020. Class 2 was issued for AR$ 16,000,000 due on April 8, 2020. Class 3 was issued for AR$ 36,000,000 due on May 6, 2020. The Treasury Notes Series XLII Class 1, Class 2 and Class 3 were issued at a 40% fixed rate.
YPF Energía Eléctrica obtains US$ 150,000,000 in a project finance facility from BNPP and DFC for the development of a greenfield wind power project
Legal counsel to BNP Paribas Fortis SA/NV and United States International Development Finance Corporation (DFC) in a facility worth US$ 150,000,000 under a non-recourse project finance structure to Luz del León S.A., a special purpose vehicle controlled by YPF Energía Eléctrica S.A, to finance the development and construction of the Cañadón León wind power project for a total 120 MW of generation capacity, located in the Department of Puerto Deseado, Province of Santa Cruz, Argentina.
The transaction is the first non-recourse project financing that will supply electricity under two PPAs: a 20-year PPA with CAMMESA under the RenovAr regime, and a 15-year corporate PPA under the MATER regime, both regimes under Argentina’s renewable energy legal framework. The BNPP part of the facility is guaranteed by Euler Hermes Aktiengesellschaft (German export credit agency).
The security package for the loan includes (i) a first-priority share pledge over 100% of Luz del León shares; (ii) a first-priority pledge over certain windfarm equipment; and (iii) a security trust for the assignment of all borrower’s receivables under certain project documents.
“Centenario Trust I” Financial Trust for AR$ 1.145 million
Deal counsel in the creation of the Financial Trusts Global Program “Centenario II” for an amount of up to US$ 250 million (or the equivalent in other currencies) and in the issuance and placement in Argentina of trust securities for AR$1,145,113,264 issued under the “Centenario Trust I” Financial Trust, in which Compañia Financiera Argentina S.A. (Efectivo Sí) acted as trustor, arranger, collection agent and placement agent, TMF Trust Company (Argentina) S.A. acted as financial trustee, Banco Patagonia S.A. acted as arranger and placement agent and INTL CIBSA S.A. acted as placement agent.