Tavarone Rovelli and Salaverri Dellatorre in thermoelectric debt offering
Published in Latinlawyer.com, Monday, 19 May 2014
Tavarone, Rovelli, Salim & Miani has helped Argentine thermoelectric company Generación Mediterránea (GEMSA) raise US$12.4 million in a debt securities offering, some of the funds from which were used to repay a US$17.9 million syndicated bank loan.
Salaverri, Dellatorre, Burgio & Wetzler Malbrán advised both the underwriters of the debt offering and the arrangers of the loan.
The electricity company used US$8.3 million from the issuance to prepay some of the lending banks. GEMSA and the banks also agreed on new terms governing how the loan will be paid off and created new collateral over the financing facility from GEMSA’s energy sale agreements. Tavarone Rovelli also advised Banco de Servicios y Transacciones, which acted as trustee and collateral agent of the syndicated loan.
GEMSA owns the Modesto Maranzana thermal power plant in Río Cuarto, in Córdoba province, central Argentina.
The transaction closed on 9 May.
The underwriters included the Industrial and Commercial Bank of China (Argentina), Banco Itaú Argentina, Banco Macro, Macro Securities and Banco de Servicios y Transacciones. The lead arrangers of the loan were Industrial and Commercial Bank of China and Banco Itaú Argentina.
Counsel to GEMSA and Banco de Servicios y Transacciones
Tavarone, Rovelli, Salim & Miani
To GEMSA
Partners Marcelo Tavarone and Juan Pablo Bove and associates María Sol Ramoneda, Matías Otero, Nicolás Peralta Ramos and Catalina Menéndez
To Banco de Servicios y Transacciones
Partner Federico Salim and associate Juan Pedro Pascucci
Counsel to the underwriters and arrangers
Salaverri, Dellatorre, Burgio & Wetzler Malbrán
Partners Tomás Arnaude, Germán Wetzler Malbrán and Victoria Hitce, and associates Pablo Fernández Pujadas, Romina Mancuso, Luciana Díaz Gómez, Carolina Mallmann and Romina Mancuso
BeST Consumer Finance Serie XXXIII” Financial Trust for AR$ 148,100,000
Deal counsel in the issuance and placement in Argentina of trust securities for AR $ 148,100,00 issued under the “BeST Consumer Finance Serie XXXIII” Financial Trust, in which Banco de Servicios y Transacciones S.A. acted as arranger, trustor, servicer and custodian, and TMF Trust Company (Argentina) S.A acted as trustee. (2014)
Buenos Aires’ first logistics hub obtains funding
Published in Latinlawyer.com, Tuesday, 20 May 2014.
Argentina’s Balbín & Pascual and Tavarone, Rovelli, Salim & Miani – Abogados have helped launch financial trusts worth a combined US$14.7 million to fund Buenos Aires’ first logistics hub.
CTC Administradora, the company developing the 37-hectare site in the capital’s south-west, received counsel from Balbín & Pascual, while the TMF Trust Company as trustee turned to Tavarone Rovelli. The transaction closed last week.
The deal saw two trusts launched. The first, worth US$4.8 million, has CTC shareholders as its settlors and was created following a transfer of shares. The second, worth US$9.9 million, has CTC as its settlor. CTC has assigned the second trust development and exploitation rights over the project.
The proceeds generated from the trusts will be used to construct the logistics hub, which was first tendered by the Buenos Aires’ municipal government in 2012. Officials hope that by creating a central point from which transport companies can load and offload goods, delivery times will improve and traffic flows will lighten in the capital’s congested southern quarter.
The transaction is the second deal reported on by Latin Lawyer that Tavarone Rovelli has taken on since the firm opened its doors in March.
Counsel to TMF Trust
Tavarone, Rovelli, Salim & Miani – Abogados
Partner Marcelo Tavarone and associates María Sol Ramoneda and Nicolás Peralta Ramos
Counsel to CTCAdministradora
Balbín & Pascual
Associate Juan Bussolini Miguez