MSU Eenergy S.A.´s ARS$7,831,109,206 Series VIII Notes and US$ 13,987,965 Series X Notes Offering

Counsel to MSU Energy S.A. in the issuance of its 3% Series VIII Notes for ARS$7,831,109,206 denominated, integrated and payable in Pesos, maturing 10 months from the issuance date and its 8.25% Series X Notes for US$ 13,987,965 denominated, integrated and payables in U.S. Dollars, maturing 24 months from the issuance date, under its US$ 900,000,000 Global Notes Program.


Legal Counsel to Banco CMF S.A. in the Issuance of Series 15 Notes for AR$ 10,024,000,000

Legal counsel to Banco CMF S.A. as issuer, placement agent and settlement agent in the issuance of its Series 15 floating rate Notes for AR$ 10,024,000,000 due September 4, 2024. The Series 15 Notes were issued on March 4, 2024 under the Global Notes Program for an amount of up to US$25,000,000.


Legal Advice in Petrolera Aconcagua Energía S.A.’s Class VI and Class VII Notes Issuance

Counsel in the issuance of Petrolera Aconcagua Energía S.A.’s 7,5% Class VIII Notes, 8,5% Class X Notes and 9.5% Class XI Notes for US$ 26,918,473 issued on February 29, 2024, and due February 28, 2027, February 28, 2027, and February 29, 2028, respectively, under its US$ 150,000,000 Global Notes Program.

Banco de Servicios y Transacciones S.A. acted as arranger and placement agent, and Banco Mariva S.A., Banco Supervielle S.A., Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., TPCG Valores S.A.U., SBS Trading S.A., Consultatio Investments S.A., Allaria S.A., Max Capital S.A., Adcap Securities Argentina S.A., Facimex Valores S.A., Invertir Online S.A.U and Industrial Valores S.A. acted as placement agents.


Albanesi Energía S.A.’s Issuance of Series XII Notes for US$ 5,563,088, Series XIII Notes for US$ 11,627,494 and Series XIV Notes for $ 4,601,456,149

Counsel to Banco de Servicios y Transacciones S.A. and SBS Capital S.A. as arrangers of the offer, and to SBS Trading S.A., Banco de Servicios y Transacciones S.A., Balanz Capital Valores S.A.U., Facimex Valores S.A., Banco Hipotecario S.A., Nación Búrsatil S.A., Banco de la Provincia de Buenos Aires, Bull Market Brokers S.A., Banco Supervielle S.A., Invertironline S.A.U., BACS Banco de Crédito y Securitización S.A., Becerra Bursátil S.A., Allaria S.A., Invertir En Bolsa S.A., Don Capital S.A., GMA Capital S.A., Macro Securities S.A.U., Latin Securities S.A., Banco Santander Argentina S.A., Puente Hnos S.A. and Banco CMF S.A., as placement agents in the issuance of Albanesi Energía S.A.’s 6.50% Series XII Notes for US$ 5,563,088, due February 14, 2026; 9.00% Series XIII Notes for US$ 11,627,494, due August 14, 2026; and variable rate Series XIV Notes for AR$ 4,601,456,149 due February 14, 2025, issued under the Global Notes Program for an amount of up to US$ 250,000,000.


Albanesi Group´s US$ 31,380,462 Notes Offering

Counsel to Generación Mediterránea S.A. and Central Térmica Roca S.A. in the co-issuance of 9.5% Class XXV Additional Notes for US$ 3,668,561 due April 18, 2026, and 6.5% Class XXVI Additional Notes for US$ 27,711,901 due April 12, 2026, issued under the Global Notes Program for an amount up to US$ 1,000,000,000.

Banco de Servicios y Transacciones S.A., SBS Trading S.A., Balanz Capital Valores S.A.U., Macro Securities S.A.U , Facimex Valores S.A., Puente Hnos S.A, Banco de la Provincia de Buenos Aires, Nación Bursátil S.A., Banco Supervielle S.A., Bull Market Brokers S.A., Invertironline S.A.U, Invertir en Bolsa S.A., Petrini Valores S.A., Neix S.A., Global Valores S.A., TPCG Valores S.A.U., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A. and Allaria S.A. acted as placement agents of Class XXV Additional and Class XXVI Additional Notes, while SBS Capital S.A. and Banco de Servicios y Transacciones S.A. acted as placement agents.


Albanesi Energía S.A.’s Issuance of Series IX, Series X and Series XI Additional Notes for US$ 37,839,699

Counsel to the placement agents on Albanesi Energía S.A.´s issuance of 3.8% Class IX Additional Notes for 6.920.773 UVAs, equivalent to AR$2,804,504,843 due February 13, 2026, 5.0% Class X Additional Notes for US$ 26,791,276 due September 21, 2025; and 9.5% Class XI Additional Notes for US$ 4,314,018 due March 21, 2026, issued under the Global Notes Program for an amount up to US$ 250,000,000.

Banco de Servicios y Transacciones S.A., SBS Trading S.A., Balanz Capital Valores S.A.U., Facimex Valores S.A. and Invertir en Bolsa S.A. acted as placement agents of all three Classes, while Puente Hnos. S.A., Adcap Securities Argentina S.A., Banco de la Provincia de Buenos Aires, Invertir en Bolsa S.A., Invertironline S.A.U., Banco Supervielle S.A., Nación Bursátil S.A., Banco Santander Argentina S.A., Bull Market Brokers S.A. and Global Valores S.A. acted as placement agents of Class X and Class XI Notes.


Albanesi Group´s US$ 72,574,793 Notes Offering

Counsel to Generación Mediterránea S.A. and Central Térmica Roca S.A. in the co-issuance of 9.5% class XXV notes for US$ 4,505,191 due April 18, 2026, 6.5% class XXVI notes for US$ 35,886,341 due April 12, 2026; and 5% class XXVII notes for 31,820,983 UVAs due April 12, 2027, issued under the Global Notes Program for an amount up to US$ 1,000,000,000.

Banco de Servicios y Transacciones S.A., SBS Trading S.A., Balanz Capital Valores S.A.U., Facimex Valores S.A., Banco de la Provincia de Buenos Aires, Nación Bursátil S.A., Banco Supervielle S.A., Bull Market Brokers S.A., Banco Santander Argentina S.A., Buenos Aires Valores S.A., S&C Inversiones S.A., Macro Securities S.A.U., Invertir en Bolsa S.A., Adcap Securities Argentina S.A., Don Capital S.A., Global Valores S.A., GMA Capital S.A., Becerra Bursátil S.A., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., and Allaria S.A. acted as placement agents of all three classes, while TPCG Valores S.A.U., and Latin Securities S.A. acted as placement agents of class XXVI and class XXVII notes.


Investment mutual fund “Fondo Común de Inversión Cerrado Inmobiliario Puerto Nizuc” and issuance of shares for AR$ 10,000,000,000

Counsels in the issuance and placement of a single class of shares for AR$ 10,000,000,000 (the “Shares”) for the investment mutual fund “Fondo Común de Inversión Cerrado Inmobiliario Puerto Nizuc” (the “Fund”). The Shares were issued on October 19, 2023.

The Fund’s 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.


US$100,000,000 trust securities under “Global ARSA I” Financial Trust

Deal counsel in the issuance of “Global ARSA I” 3.00% trust securities for US$100,000,000, due October 15, 2026, issued under the Financial Trust Global Program “Global ARSA” for an amount of up to US$300,000,000.

The trust assets are future collection rights arising from the online sales of domestic and international flight tickets sold in Argentina by Aerolíneas Argentinas and paid with VISA credit and debit cards.

The proceeds from the issuance of the trust securities will be used by Aerolíneas Argentinas to finance mid-life maintenance of its 16 engines’ EMBRAER 190 fleet.

Aerolíneas Argentinas S.A. acted as trustor; BICE Fideicomisos S.A. acted as trustee, collection agent and custody agent; Puente Hnos. S.A. acted as arranger and placement agent; and Nación Bursátil S.A. and AdcapSecurities Argentina S.A. acted as placement agents.


Legal Counsel to MSU Green Energy in the pre-sale agreement of renewable energy signed with Dow for the supply of solar energy to its production plant in Bahía Blanca

Energias Renovables Las Lomas S.A.U. ("MSU Green Energy"), renewable energies generation arm within the MSU Energy S.A. group and a generating agent in the wholesale electricity market (WEM), has entered into a power supply agreement with Dow for the advance sale of renewable energy within the framework of the Mercado a Término de Energías Renovables, for an approximate amount of US$ 50,000,000.

MSU Green Energy is currently in the process of constructing its Las Lomas and Pampa del Infierno Photovoltaic Solar Parks, which will have capacities of 37 MW and 130 MW, respectively, located in the Provinces of La Rioja and Chaco.

With over 280,000 solar panels, this agreement marks the initial step in MSU Green Energy's broader project to install renewable energy generation parks in the NOA and NEA regions of Argentina.

On the other hand, Dow is one of Argentina's leading chemical and petrochemical companies, with presence in the country for over 60 years and a global track record exceeding 120 years. According to a recent statement from Dow, this agreement will allow them to achieve a 74% share of renewable sources in the energy needs of their production plant in Bahía Blanca by 2025, thereby establishing their position among the top 20 global companies utilizing clean energy.

 

Counsels to MSU Green Energy

We advised MSU Green Energy, through the team led by our partners Nicolás Eliaschev and Francisco Molina Portela, and associates Daiana Perrone and Eduardo N. Cano.

MSU Green Energy was also advised by Ezequiel Abal, its in-house lead counsel.

Counsels to Dow

PAGBAM advised Dow, through its team led by partner Francisco Romano, off counsel Tomás Fernandez Madero and associate Nahuel Pérez de Villarreal.

Dow was also advised by Josefina Tobías and Paloma Berdichevsky, its in-house counsels.