Municipality of Río Cuarto’s Series XXXVIII Treasury Notes Issuance for AR$2,900,000,000
Legal counsel to the Municipality of Rio Cuarto, as issuer, Banco de la Provincia de Córdoba S.A., and Puente Hnos. S.A., as arrangers and placement agents, and Banco de Galicia y Buenos Aires S.A.U., Adcap Securities Argentina S.A., Banco de Servicios y Transacciones S.A., Facimex Valores S.A., Banco Hipotecario S.A., and Balanz Capital Valores S.A.U., as placement agents in the issuance of Municipality of Río Cuarto’s Series XXXVIII Treasury Notes (the “Treasury Notes”), under the Municipality of Río Cuarto’s Treasury Notes Issuance Programme. The transaction closed on April24, 2025, and the Treasury Notes are secured by the Municipality's credits for contributions levied on commercial, industrial and service companies’ activities, and subsidiarily by the resources derived from the Federal Co-participation Regime. The Treasury Notes were issued for AR$ 2,900,000,000 at an annual floating interest rate equivalent to Tamar plus 7.45%, due on April 24, 2026.
Privatization of Energía Argentina S.A. – Sale of shares in CITELEC
On April 25, 2025, Decree No. 286/2025 (“Decree 286”) was published in the Official Gazette, authorizing the full privatization of Energía Argentina S.A. (“EA”) and the sale of its equity interest in CITELEC.
Decree 286 foresees that EA will be privatized in stages, through the separation of the activities and assets of its different business units, ensuring that the performance of services and works currently under EA’s scope is not interrupted.
Thus, with the approval of the sale of EA’s shares in CITELEC, the first stage of EA’s privatization has begun.
EA holds 50% of the shares of CITELEC, a company that is the controlling shareholder of TRANSENER, which in turn holds 99.9% of the shares in TRANSBA (the remaining 0.1% is held by CITELEC).
TRANSENER is the extra-high voltage power transmission utility operating nationwide; TRANSBA, in turn, is the utility for trunk power transmission in the Province of Buenos Aires.
The sale of EA’s shares in CITELEC will be carried out through an international and national public bidding process, pursuant to Articles 17(2) and 18(2) of the State Reform Law No. 23,696, as amended.
The Ministry of Economy, with the involvement of the Special Temporary Executive Unit for the Transformation of State-Owned Companies (ATEP), will issue the necessary regulations to implement Decree 286.
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For further information, please contact Nicolás Eliaschev, Javier Constanzó, Federico Otero, Julián Razumny, Francisco Molina Portela, Camila Evangelista, Milagros Piñeiro, Macarena Becerra, Inés Espina Rawson, Victoria Barrueco, and/or Manuel Crespi.
Investment Mutual Fund “Fondo Común de Inversión Cerrado Inmobiliario Puerto Nizuc” and Issuance of Shares for AR$ 7,527,023,123
Counsels in the issuance and placement of a single class of shares for AR$ 7,527,023,123 (the “Shares”) for the investment mutual fund “Fondo Común de Inversión Cerrado Inmobiliario Puerto Nizuc” (the “Fund”). The Shares were issued on April 15, 2025.
The Fund was created for funding the real estate development of certain units located within one of the parcels of land within the urban development project named “Puerto Nizuc” in the Province of Buenos Aires.
IEB S.A. acted as the manager and arranger of the issuance; Banco de Valores S.A. served as the custodian, placement agent and arranger of the placement and issuance; Invertir en Bolsa S.A. acted as a placement agent and Nueva Marinas de Hudson Inversora S.A. acted as developer.
Legal Advice in the Issuance of Series XV Notes of MSU S.A. for US$ 34,876,339
Counsel to Banco de Galicia y Buenos Aires S.A.U. as arranger, placement agent and settlement agent, and Banco Supervielle S.A., Banco de la Provincia de Buenos Aires, Puente Hnos. S.A., Invertir Online S.A.U, and Banco de la Nación Argentina as placement agents, in the issuance of MSU S.A. 8.50% Series XV Notes for US$ 34,876,339 issued on April, 16, 2025 and due April, 16, 2029, 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 Banco Supervielle S.A., Banco de la Provincia de Buenos Aires, Puente Hnos. S.A., Invertir Online S.A.U and Banco de la Nación Argentina acted as placement agents.
Privatization of Hydropower facilities
On April 10, 2025, the Government of Argentina published Decree 263/2025 (“Decree 263”), which advances the sale process of the following companies: (i) Alicurá Hidroeléctrica Argentina S.A., (ii) Chocón Hidroeléctrica Argentina S.A., (iii) Cerros Colorados Hidroeléctrica Argentina S.A., (iv) Piedra Del Águila Hidroeléctrica Argentina S.A., (v) Cerros Colorados Hidroeléctrica Argentina S.A. and (vi) Piedra Del Águila Hidroeléctrica Argentina S.A. (the “Companies”). These Companies are currently owned by Energía Argentina S.A. (“EA”) (98%) and Nucleoeléctrica Argentina S.A. (“NASA”) (2%). Both EA and NASA have been subject to privatization pursuant to Article 7 and Annex I of Foundations Law.
Decree 263 establishes a period of fifteen (15) days since its publication to launch a National and International Public Bidding process for the sale of the controlling shareholding in the Companies (the “Call for Bids”), currently held by EA and NASA.
The Call for Bids will be carried out by both the Agency for the Transformation of State-Owned Companies (Agencia de Transformación de Empresas Públicas) and the Secretary of Energy.
Decree 263 builds upon Decrees 718/2024 and 895/2024, which had initiated the privatization process of the Companies.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra, Victoria Barrueco and/or Manuel Crespi.
“CFA CRÉDITOS V” Financial Trust for AR$11,500,000,000
Deal counsel in the issuance and placement in Argentina of trust securities for AR$11,500,000,000 issued under the “CFA CRÉDITOS V” Financial Trust, in which Compañía 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 Banco Comafi S.A., Adacap Securities Argentina S.A and Facimex Valores S.A. acted as placement agents.
Approval of LNG Export Procedure
On April 4, 2025, the Secretary of Energy published Resolution 145/2025, which approved the Liquefied Natural Gas Export Procedure (the “Procedure” and “LNG,” respectively). This measure was implemented in the framework of article 2 of Annex II of Decree 1057/2024 (see our comments on the decree here), which established that the Secretary of Energy would regulate the applicable procedure for LNG exports.
1. LNG export notification
According to the Procedure, companies interested in exporting LNG must submit an application, providing information regarding projected availability, reserves and production capacity for at least five (5) years as of the submission, maximum export LNG volumes, proof of filing with the Large Investments Incentive Regime (“RIGI”, for its acronym in Spanish) -if applicable-, and technical feasibility of the project. The Liquid Fuels Undersecretary shall analyze the information and issued observations or request additional information within ten (10) business days as of the date of submission. The Secretary of Energy may issue observations on the application -within one hundred and twenty (120) business days-, based on insufficient natural gas availability for the country or inaccuracies in the filing. The applicant shall have thirty (30) business days to rectify its application and once the observations are resolved, the Secretary of Energy will issue the certificate of “LNG Free Export Authorization”.
2. LNG export authorization
This authorization shall indicate the term of the exports, the LNG volumes and the frequency of reports to be required by the authority. The authorized company shall report, no less than ninety (90) days prior the first export, the volumes and prices, the registration as a storage operator with the Natural Gas Storage Registry of the Republic of Argentina (“RAGNar”) and submit proof of authorization with the Customs Registry System.
LNG exports will be authorized on a firm basis -non-interruptible- for a period of thirty (30) years as of the commissioning date of the liquefaction plant (including expansions or later stages). Provided that the required availability is periodically confirmed, the exporter shall have the right to export LNG on a continuous basis, without interruptions, restrictions or reductions, and shall have access to production, transport, processing and storage of natural gas to carry out LNG exports.
3. Exporter's duties
LNG exporters must ensure ongoing gas availability and prove within six (6) months prior to the current availability accreditation expires, that they have sufficient gas to cover the following five (5) years. Exporters must also report any changes regarding the information submitted in the application.
4. Term and assignment of authorization
Lastly, according to the Procedure, the export authorization expires automatically on the date established therein, though it can be revoked for exporter’s non-compliance with its obligations. The export authorization may be transferred to another party with prior approval of the Liquid Fuels Undersecretary, provided the assignee meets all the requirements of the Procedure.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Milagros Piñeiro, Victoria Barrueco, or Manuel Crespi.
Counsel to Edison Group in the acquisition of the controlling stake in Cartellone Energía y Concesiones S.A. and Consorcio Empresas Mendoza para Potrerillos S.A.
Edison Holding S.A. and Edison Energía S.A. (the “Edison Group”) have agreed to acquire the controlling stake in Cartellone Energía y Concesiones S.A. and Consorcio Empresas Mendoza para Potrerillos S.A. from BAF Latam Credit Fund B.V.
As a result of the transaction, the Edison Group also acquired stakes in Empresa de Distribución Eléctrica de Tucumán S.A., Empresa Jujeña de Energía S.A., and Líneas de Transmisión del Litoral S.A. This transaction aims to strengthen the group’s regional presence, optimize operational management, and ensure an efficient and sustainable power supply in key provinces such as Jujuy, Tucumán, and Mendoza.
Woden Holding S.A. (“Woden”), Inverlat S.A. (“Inverlat”), and Perseo Holding Group LTD (“Perseo”) established the Edison Group to carry out this transaction.
Woden is a company owned by the Neuss brothers, which partnered with Inverlat, a private investment firm led by partners Carlos Giovanelli, Damián Pozzoli, and Guillermo Stanley, and Perseo, a company headed by Rubén Cherñajovsky and Luis Galli.
Woden was advised by our Firm, through the team formed by Partners Federico Salim, Julián Razumny, and Nicolás Eliaschev, and Associates Paula Cerizola, Marcos Quiroga, Daiana Perrone, Paloma Ganuza, Sofía Elhorriburu, and Leila Zatjaichuk.
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.