IEB Construcciones S.A. Makes Follow-on
Legal advisors in the offering of 10,000,000 new Class B shares of IEB Construcciones S.A., under the Automatic Authorization Regime for Public Offering of Shares due to its Medium Impact of the Comisión Nacional de Valores.
Invertir en Bolsa S.A. acted as Organizer and Placement Agent, while Bull Market Brokers S.A. and Macro Securities S.A.U. acted as Placement Agents for the New Shares.
Issuance of Public Debt Securities ER 2025 Series II Additional by the Province of Entre Ríos for a total nominal value of ARS 42,959,939,856
Legal advisors to the transaction, assisting the Province of Entre Ríos (the “Province”) and Nuevo Banco de Entre Ríos S.A., in its capacity as organizer and lead placement agent in the issuance of the ER 2025 Series II Additional Public Debt Securities (the “Debt Securities”). The Debt Securities were issued on October 17, 2025, and are secured by resources from the Federal Tax Sharing Regime, assigned to a maximum allocation percentage of 25%. The Debt Securities Series II Additional were issued for a nominal value of ARS 42,959,939,856, at a variable interest rate equivalent to the TAMAR rate plus a 5.50% margin, maturing on January 17, 2027.
Legal Advice on the Acquisition of Celulosa Argentina S.A.
We advised Esteban Antonio Nofal on the acquisition of Celulosa Argentina S.A. (“Celulosa”), one of Argentina’s leading producers of printing and writing paper, tissue paper, and eucalyptus pulp. Celulosa’s shares have been listed on the Buenos Aires Stock Exchange since 1937.
The transaction involved the acquisition of: (a) 100% of the capital stock and voting rights of Tapebicua LLC, the indirect controlling entity of 41% of Celulosa’s capital stock and voting rights; and (b) all of the direct shares in Celulosa held by the selling shareholders—Douglas Albrecht, Juan Collado, and Juan Manuel Urtubey—representing 4.48% of Celulosa’s capital stock and voting rights.
Closing of the transaction took place on September 19, 2025, the date on which Esteban Antonio Nofal became the indirect controlling shareholder of Celulosa. The acquisition took place just days after Celulosa filed for reorganization proceedings before the courts of San Lorenzo, Province of Santa Fe, as part of a process to restructure approximately US$128 million in outstanding debt.
Our Firm acted as legal counsel to the buyer, with a team led by partners Julian Razumny, Federico Salim, Marcelo Tavarone, and Francisco Molina Portela, along with associates Esteban Bujan, Martín Scapini, Agostina Jordan, Paula Cerizola, Consuelo Ortiz, and Juan Cruz Carenzo.
US$250,000,000 Loan Granted by International Finance Corporation (IFC) to the Province of Córdoba
Legal advisors to the Province of Córdoba in a US$250,000,000 cross-border loan granted by the International Finance Corporation (IFC). The loan is guaranteed by a security trust agreement funded with revenues arising from the Federal Tax Revenue-Sharing Regime (“Régimen de Coparticipación Federal de Impuestos”), under which the Province acts as trustor, Banco Comafi S.A. as trustee, and IFC as beneficiary.
“CFA CRÉDITOS VI” Financial Trust for $11,000,000,000
Deal counsel in the issuance and placement of trust securities in Argentina, for AR$ 11,000,000,000 issued under the “CFA CRÉDITOS VI” 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; Banco Comafi S.A. and Adcap Securities Argentina S.A. acted as placement agents.
360 Energy Solar S.A. Obtains US$ 17,000,000 Loan
Counsel to 360 Energy Solar S.A. (the “Company”), as borrower; Banco BBVA Argentina S.A., as lender and administrative agent; Banco Comafi S.A., as lender and security agent; and Banco de la Provincia de Buenos Aires, as lender, in the granting of a loan to the Company for a total amount of US$ 17,000,000, disbursed on August 20, 2025.
The loan is secured by a guarantee assignment over cash flows arising from certain power supply agreements entered into by the Company with certain corporate clients.
Legal Advice in the Issuance of Loma Negra Compañía Industrial Argentina S.A.´s Series 5 Notes for US$ 112,878,134
Counsel to Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., Puente Hnos S.A., Allaria S.A., Invertir en Bolsa S.A., Petrini Valores S.A., Facimex Valores S.A., Cocos Capital S.A., Adcap Securities Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., PP Inversiones S.A., Option Securities S.A. y Banco CMF S.A. as placement agents, in the issuance of Loma Negra Compañia Industrial S.A.’s Series 5 Notes for U$S 112,878,134, denominated and payable in U$S at an 8% annual interest rate, due July 24, 2027. The Series 5 Notes were issued under the company´s global notes program for an amount of up to U$S500,000,000.
Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., Puente Hnos S.A., Allaria S.A., Invertir en Bolsa S.A., Petrini Valores S.A., Facimex Valores S.A., Cocos Capital S.A., Adcap Securities Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., PP Inversiones S.A., Option Securities S.A. y Banco CMF S.A. acted as placement agents of the Series 5 Notes. Banco de Galicia y Buenos Aires S.A. also acted as settlement agent for the Series 5 Notes.
Issuance of Public Debt Securities ER 2025 Series I and II by the Province of Entre Ríos for a total nominal value of ARS 75,110,000,000
Legal advisors to the transaction, assisting the Province of Entre Ríos (the “Province”) and Nuevo Banco de Entre Ríos S.A., in its capacity as organizer and lead placement agent in the issuance of the ER 2025 Series I and Series II Public Debt Securities (the “Debt Securities”). The Debt Securities were issued on July 17, 2024, and are secured by resources from the Federal Tax Sharing Regime, assigned to a maximum allocation percentage of 25%. The Debt Securities Series I were issued for a nominal value of ARS 32,465,000,000, at a fixed annual interest rate of 35.75%, maturing on July 17, 2026; whereas the Debt Securities Series II were issued for a nominal value of ARS 42,645,000,000, at a variable interest rate equivalent to the TAMAR rate plus a 5.50% margin, maturing on January 17, 2027.
Province of Chaco ’s Serie Bonds Issuance for AR$ 52,000,000,000 (approximately US$ 40.784.313,7)
Legal counsel to Puente Hnos. S.A. and Nuevo Chaco Bursátil S.A., as co-arrangers and co-placement agents, and Banco de la Nacion Argentina, Global Valores S.A., and Banco de Servicios y Transacciones, as sub-placement agents, in the issuance of Province of Chaco’s Serie 1 Bonds (the “Serie 1 Bonds”), under the Province of Chaco’s Treasury Bonds Issuance Program for up to US$ 90,000,000. The payments due under the Serie 1 Bonds are secured by a collateral assignment over rights of the Province of Chaco arising from the Federal Tax Regime (Regimen de Coparticipación Federal). The Serie 1 Bonds were issued in an aggregate principal amount of AR$ 52,000,000,000 equivalents to approximately US$ 40.784.313,7. Principal under the Serie 1 Bonds is adjusted by the Wholesale Interest Rate (TAMAR) applied to fixed-term deposits denominated in Argentine pesos plus a 5.5% interest rate. The Serie 1 Bonds are due on July 14, 2026, and are repaid. The proceeds of the Serie 1 Bonds will be used exclusively to repay the debt service obligations maturing in August and September 2025, corresponding to loans obtained in 2019 and 2021 from the Financial Fund for the Development of the Rio de la Plata (FONPLATA) and the international bond issued in 2016 and restructured in 2021. Any remaining balance will be allocated to cover subsequent maturities.
Province of Córdoba’s Debt Issue for US$ 725,000,000
Legal counsel to Province of Córdoba, as the issuer, and Banco de la Provincia de Córdoba S.A., as Argentine manager and placement agent, in the issuance of US$725 million worth of sovereign debt in an offering that settled on July 2, 2025. The Notes bear a 9.750% annual coupon and mature on July 2, 2032. The Province of Córdoba used a portion of the notes sale – US$362 million – to repurchase US$360,338,929 aggregate principal amount of its U.S Dollar Step-Up Notes due 2027. The remaining portion of the funds will be used for finance infrastructure projects and/or repay existing liabilities.
J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as global coordinators and joint book-running managers, Balanz Capital UK LLP acted as joint book-running manager, Banco de la Provincia de Córdoba S.A. acted as Argentine manager and placement agent, and Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A., Les Cinq Capital S.A., Puente Hnos. S.A., Facimex Valores S.A., Becerra Bursátil S.A. and S&C Inversiones S.A. acted as Argentine placement agents. Under the indenture, Deutsche Bank Trust Company Americas acted as trustee, registrar, principal paying agent and transfer agent.