MSU S.A.'s USD 13,857,742 Series VII Notes
Legal counsel to Banco de la Provincia de Buenos Aires, Balanz Capital Valores S.A.U., INTL CIBSA S.A. and Banco de Galicia y Buenos Aires S.A.U. acting as placement agents in MSU S.A.’s issuance of series VII notes for U$S 13,857,742 under the global program of notes for an amount of up to U$S 50,000,000. The Series VII Notes were issued on March 10, 2020 at a 9% fixed rate and due fifteen months from the date of issuance.
Province of Chubut’s Series XLII Treasury Notes class 1, class 2 and class 3 Issuance for AR$ 402,850,000
Legal counsel to Banco del Chubut S.A., as arranger, placement and financial agent, and to Puente Hnos. S.A. as placement agent, in the issuance of Province of Chubut’s Series XLII Treasury Notes class 1, class 2 and class 3, under the Province of Chubut’s Treasury Notes Issuance Programme. The transaction settled on February 6, 2020 and the payments due under the Treasury Notes Series XLII are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime. Class 1 was issued for AR$ 350,850,000 due on March 11, 2020. Class 2 was issued for AR$ 16,000,000 due on April 8, 2020. Class 3 was issued for AR$ 36,000,000 due on May 6, 2020. The Treasury Notes Series XLII Class 1, Class 2 and Class 3 were issued at a 40% fixed rate.
YPF Energía Eléctrica obtains US$ 150,000,000 in a project finance facility from BNPP and DFC for the development of a greenfield wind power project
Legal counsel to BNP Paribas Fortis SA/NV and United States International Development Finance Corporation (DFC) in a facility worth US$ 150,000,000 under a non-recourse project finance structure to Luz del León S.A., a special purpose vehicle controlled by YPF Energía Eléctrica S.A, to finance the development and construction of the Cañadón León wind power project for a total 120 MW of generation capacity, located in the Department of Puerto Deseado, Province of Santa Cruz, Argentina.
The transaction is the first non-recourse project financing that will supply electricity under two PPAs: a 20-year PPA with CAMMESA under the RenovAr regime, and a 15-year corporate PPA under the MATER regime, both regimes under Argentina’s renewable energy legal framework. The BNPP part of the facility is guaranteed by Euler Hermes Aktiengesellschaft (German export credit agency).
The security package for the loan includes (i) a first-priority share pledge over 100% of Luz del León shares; (ii) a first-priority pledge over certain windfarm equipment; and (iii) a security trust for the assignment of all borrower’s receivables under certain project documents.
“Centenario Trust I” Financial Trust for AR$ 1.145 million
Deal counsel in the creation of the Financial Trusts Global Program “Centenario II” for an amount of up to US$ 250 million (or the equivalent in other currencies) and in the issuance and placement in Argentina of trust securities for AR$1,145,113,264 issued under the “Centenario Trust I” Financial Trust, in which Compañia Financiera Argentina S.A. (Efectivo Sí) acted as trustor, arranger, collection agent and placement agent, TMF Trust Company (Argentina) S.A. acted as financial trustee, Banco Patagonia S.A. acted as arranger and placement agent and INTL CIBSA S.A. acted as placement agent.
Celulosa Argentina S.A.'s issuance of U$S 3,117,250 Class 15 Notes
Counsel in Celulosa Argentina S.A.’s issuance of Class 15 Notes for U$S 3,117,250 under the Global Program of Notes for an amount of up to U$S 280,000,000. Puente Hnos. S.A. and Banco de Servicios y Transacciones S.A. acted as placement agents of the Class 15 Notes.
Debt refinancing of Biscayne Servicios S.A.
Legal counsel to Banco Santander Rio S.A. and Banco de la Provincia de Buenos Aires who acted as lenders in the debt refinancing of Biscayne Servicios S.A. for AR$ 491,630,864.74, equivalent to 10,595,493 UVAs.
Reprofiling US$ 14,800,000 aggregate principal amount of the Municipality of Río Cuarto’s 7.65% Notes due 2020
Legal counsel to the Municipality of Río Cuarto, as issuer of US$ 14,800,000 aggregate principal amount of it’s 7.65% secured Notes due 2020, issued on November 17th, 2017 (the “2020 Notes”); Banco de la Provincia de Córdoba S.A. and Puente Hnos. S.A., acting in their capacity of consent agents and information agents under the process of the restructuring the 2020 Notes, through the noteholders’ meeting held on December 20th, 2019.
“CARFACIL V” Financial Trust for AR$ 73,307,248
Deal counsel in the placement and issuance in Argentina of trust securities for AR$73,307,248 issued under the “CARFACIL V” Financial Trust, whereby TMF Trust Company (Argentina) S.A., as trustee under the private financial trust “FINANCIAL TRUST CARFAUTO” acted as trustor, Banco de Valores S.A. acted as trustee, organizer and replacement servicer and Ralf S.A. acted as credit administrator and paying agent. Banco de Valores S.A., INTL CIBSA S.A., Macro Securities S.A. and Industrial Valores S.A. acted as placement agents.
Celulosa Argentina S.A.’s reopening of Class 10 Notes tender offer and issuance of U$S 3,067,488 additional Class 13 Notes
Counsel in Celulosa Argentina S.A.’s reopening of Class 10 Notes tender offer and issuance of Additional Class 13 Notes for U$S 3,067,488 under the Global Program of Notes for an amount of up to U$S 280,000,000, solely payable through the tender of Class 10 Notes. Puente Hnos. S.A. and Banco de Servicios y Transacciones S.A. acted as placement agents of the Additional Class 13 Notes.
Province of Chubut’s Series XLI Treasury Notes class 1 and class 2 Issuance for AR$ 1,830,010,000
Legal counsel to Banco del Chubut S.A., as arranger, placement and financial agent, in the issuance of Province of Chubut’s Series XLI Treasury Notes class 1 and class 2 under the Province of Chubut’s Treasury Notes Issuance Programme. Class 1 was issued for AR$ 1,717,000,000 variable rate equivalents to Badlar plus 17%, due 2020. Class 2 was issued for AR$ 113,010,000 fixed rate equivalents to 48% annual nominal, due 2020.
The transaction settled on December 20, 2019 and the payments due under the Treasury Notes Series XLI are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime.