Sidus S.A. obtains up to $12,000,000,000 loan
Counsel to Banco de Galicia y Buenos Aires S.A.U., as lender and security agent, in a $12,000,000,000 loan to SIDUS S.A., including a new money tranche and a refinancing tranche.
The loan is secured by a first-priority pledge over the shares of Sidus S.A. In addition, the new money tranche is secured by a mortgage on four real estate properties owned by Tresarg S.A. and the refinancing tranche is secured by two mortgages: a pre-existing mortgage on a real estate property owned by Sidus S.A. and a new mortgage on a real estate property owned by Tresarg S.A.
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.
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.
“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$11,500,000,000 issued under the “CFA CRÉDITOS V” Financial Trust, in which Compañía Financiera Argentina S.A. (Efectivo Sí) acted as trustor, arranger, collection agent and placement agent; TMF Trust Company (Argentina) S.A. acted as financial trustee; Banco Patagonia S.A. acted as arranger and placement agent; and Banco Comafi S.A., Adacap Securities Argentina S.A and Facimex Valores S.A. acted as placement agents.
Counsel to Edison Group in the acquisition of the controlling stake in Cartellone Energía y Concesiones S.A. and Consorcio Empresas Mendoza para Potrerillos S.A.
Edison Holding S.A. and Edison Energía S.A. (the “Edison Group”) have agreed to acquire the controlling stake in Cartellone Energía y Concesiones S.A. and Consorcio Empresas Mendoza para Potrerillos S.A. from BAF Latam Credit Fund B.V.
As a result of the transaction, the Edison Group also acquired stakes in Empresa de Distribución Eléctrica de Tucumán S.A., Empresa Jujeña de Energía S.A., and Líneas de Transmisión del Litoral S.A. This transaction aims to strengthen the group’s regional presence, optimize operational management, and ensure an efficient and sustainable power supply in key provinces such as Jujuy, Tucumán, and Mendoza.
Woden Holding S.A. (“Woden”), Inverlat S.A. (“Inverlat”), and Perseo Holding Group LTD (“Perseo”) established the Edison Group to carry out this transaction.
Woden is a company owned by the Neuss brothers, which partnered with Inverlat, a private investment firm led by partners Carlos Giovanelli, Damián Pozzoli, and Guillermo Stanley, and Perseo, a company headed by Rubén Cherñajovsky and Luis Galli.
Woden was advised by our Firm, through the team formed by Partners Federico Salim, Julián Razumny, and Nicolás Eliaschev, and Associates Paula Cerizola, Marcos Quiroga, Daiana Perrone, Paloma Ganuza, Sofía Elhorriburu, and Leila Zatjaichuk.
Municipality of Cordoba’s Series I Bonds 2025 Issuance for AR$ 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.
Legal Advice on the Mandatory Tender Offer of IEB Construcciones (formerly DYCASA)
We advised Inversora Mercedes S.A., in its capacity as the bidder (the “Bidder”), in connection with the Mandatory Public Tender Offer (“OPA”) that took place as a result of the acquisition of control of IEB Construcciones S.A. (formerly known as DYCASA S.A.) (the “Affected Company”).
On October 31, 2024, the Bidder acquired 15,367,532 Class A shares and 4,463,094 Class B shares, representing 66.10% of the share capital and 88.88% of the voting rights of the Affected Company, thereby gaining control of the company.
As a result, in accordance with the Argentine Capital Markets Law, on February 28 of this year, the Bidder launched an OPA directed at all holders of ordinary Class B shares of the Affected Company, at a price of ARS 473.6680 per share, resulting in the acquisition of a total of 768 shares.
The formal aspects of the OPA were approved by the CNV (Argentine Securities and Exchange Commission) through a Board resolution dated February 19, 2025.
Invertir en Bolsa S.A. and Macro Securities S.A.U. acted as OPA Agents.
Our Firm acted as legal advisor for the transaction through a team led by our partner Francisco Molina Portela, with the participation of associate Juan Cruz Carenzo.
River Plate makes AR$ 12.000.000.000 Initial Notes Offering Due 2027
On February 25, Club Atlético River Plate Asociación Civil carried out its first issuance of Notes under the special regime for social impact issuances, becoming the first football club in the country to issue corporate debt in the capital market.
The Notes Series I, maturing on February 27, 2027, were issued for amount of AR$12,000,000,000,000 (Pesos twelve billion) and will accrue interest at a variable rate equivalent to the TAMAR Rate plus a margin of 3.89%.
Additionally, these Notes are aligned with the Social Bond Principles (SBP) of the International Capital Market Association (ICMA). The “Universidad Nacional de Tres de Febrero” (UNTREF), in its role as external reviewer, rated the issue as a “BS2+” social bond, concluding that it complies with the four main components of the ICMA Principles and generates a positive social impact.
Banco Supervielle S.A., Banco BBVA Argentina S.A., Banco CMF S.A., Banco de Valores S.A. and Banco Comafi S.A. participated as arrangers, placement agents and guarantee agents, while Latin Securities S.A., Invertir Online S.A. and Allaria S.A. acted as placement agents.