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.