Municipality of Cordoba’s Series XLII Treasury Notes Issuance for AR$749,576,000
Legal counsel to the Municipality of Cordoba’s, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement agent, and to Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., AdCap Securities Argentina S.A., Banco de la Ciudad de Buenos Aires, Banco Hipotecario S.A., SBS Trading S.A. and Nación Bursátil S.A., as placement agents, in the issuance of Municipality of Cordoba’s Series XLII Treasury Notes (the “Treasury Notes Series XLII”), under the Municipality of Cordoba’s Treasury Notes Issuance Programme. The transaction closed on June 29, 2021 and the payments due under the Treasury Notes Series XLII are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Treasury Notes Series XLII were issued for AR$749,576,000 at an annual floating interest rate equivalent to Badlar plus 4.75%, due on March 25, 2022.
Municipality of Río Cuarto’s Series XXXV Treasury Notes Issuance for AR$251,077,242
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 in the issuance of Municipality of Río Cuarto’s Series XXXV Treasury Notes (the “Treasury Notes”), under the Municipality of Río Cuarto’s Treasury Notes Issuance Programme. The transaction closed on June 11, 2021 and the Treasury Notes are secured by the Municipality's credits for contributions levied on commercial, industrial and service companies' activities. The Treasury Notes were issued for AR$251,077,242 at an annual floating interest rate equivalent to Badlar plus 4%, due on November 23, 2021.
Province of Chubut’s Series LXV Class 1 and Class 2 Treasury Notes Issuance for AR$ 135,632,000
Legal counsel to Puente Hnos. S.A., as placement agent in the issuance of Province of Chubut’s Series LXV Class 1 and Class 2 Treasury Notes (the “Treasury Notes Series LXV”). The Treasury Notes Series LXV are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime and were issued for AR$ 135,632,000. Class 1 has a fixed annual nominal rate equivalent to 36.75% and is due on April 7, 2021. Class 2 has a fixed annual nominal rate equivalent to 36.90% and is due on May 6, 2021.
Municipality of Cordoba’s Series XLI Treasury Notes Issuance for AR$900,000,000
Legal counsel to the Municipality of Cordoba’s, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement, and to Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., AdCap Securities Argentina S.A., Banco de la Ciudad de Buenos Aires, Banco Hipotecario S.A. and SBS Trading S.A., as placement agents, in the issuance of Municipality of Cordoba’s Series XLI Treasury Notes (the “Treasury Notes Series XLI”), under the Municipality of Cordoba’s Treasury Notes Issuance Programme (the “Programme”). The transaction closed on March 2, 2021 and the payments due under the Treasury Notes Series XLI are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Treasury Notes Series XLI were issued for AR$900,000,000 at an annual floating interest rate equivalent to Badlar plus 4.25%, due on November 27, 2021.
Province of Chubut’s Series LXII Treasury Notes Issuance for AR$ 326,483,820
Legal counsel to Puente Hnos. S.A., as placement agent in the issuance of Province of Chubut’s Series LXII Treasury Notes (the “Treasury Notes Series LXII”). The Treasury Notes Series LXII are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime and were issued for AR$ 326,483,820, fixed annual nominal rate equivalent to 37.00%, due on March 26, 2021.
Province of Chubut’s Series LXI Class 1, Class 2 and Class 3 Treasury Notes Issuance for AR$ 1,036,552,000
Legal counsel to Puente Hnos. S.A., as placement agent in the issuance of Province of Chubut’s Series LXI Treasury Notes (the “Treasury Notes Series LXI”). The Treasury Notes Series LXI are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime and were issued in three classes amounting to AR$ 1,036,552,000. Class 1 has a fixed annual nominal rate equivalent to 37.15% and is due on March 8, 2021. Class 2 has a fixed annual nominal rate equivalent to 39.25% and is due on May 6, 2021. Class 3 has a fixed annual nominal rate equivalent to 42.00% and is due on August 4, 2021.
Legal counsel in the successful restructuring of the Province of Cordoba’s notes issued under foreign law for USD 1,669,405,000
Counsel to the Province of Cordoba and Banco de la Provincia de Cordoba S.A. in the restructuring notes issued in the international capital markets for USD 1,669,405,000. Under this transaction, the Province of Cordoba received consents from holders representing 96.29% of the aggregate principal amount of its outstanding notes, represented by the following series: (i) 7.125% Notes due 2021, (ii) 7.450% Notes due 2024, and (iii) 7.125% Notes due 2027, which allowed the application of the collective action clauses in each indenture to modify all such notes.
Our partner Marcelo R. Tavarone commented on this transaction: "We are proud and happy to have assisted the Province of Córdoba in the reprofiling of its international financial debt. It has been a very demanding transaction, in which the interest and rights of the Province had to been protected and, at the same time, bear in mind the claims of the different investors. A rescheduling of payments and a reduction in the applicable interest rates was obtained and this is an important achievement that will benefit the people of Córdoba".
Province of Chubut’s Series LX Treasury Notes Issuance for AR$ 302,871,153
Legal counsel to Puente Hnos. S.A., as placement agent in the issuance of Province of Chubut’s Series LX Treasury Notes (the “Treasury Notes Series LX”). The Treasury Notes Series LX are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime and were issued for AR$ 302,871,153, fixed annual nominal rate equivalent to 38.00%, due on February 18, 2021.
Province of Chubut’s Series LIX Class 1 and Class 2 Treasury Notes Issuance for AR$ 644,266,000
Legal counsel to Puente Hnos. S.A., as placement agent in the issuance of Province of Chubut’s Series LIX Treasury Notes (the “Treasury Notes Series LIX”). The Treasury Notes Series LIX are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime and were issued in two classes amounting to AR$ 644,266,000. Class 1 has a fixed annual nominal rate equivalent to 37.50% and is due on December 18, 2020. Class 2 has a fixed annual nominal rate equivalent to 39.70% and is due on November 18, 2021.
Province of Chubut’s Series LVIII Class 1 and Class 2 Treasury Notes Issuance for AR$ 392,718,500
Legal counsel to Puente Hnos. S.A., as placement agent in the issuance of Province of Chubut’s Series LVIII Treasury Notes (the “Treasury Notes Series LVIII”). The Treasury Notes Series LVIII are secured by certain rights of the Province of Chubut to receive amounts under the federal tax co-participation regime and were issued in two classes amounting to AR$ 392,718,500. Class 1 has a fixed annual nominal rate equivalent to 34.50% and is due on November 20, 2020. Class 2 has a fixed annual nominal rate equivalent to 35.75% and is due on January 20, 2021.