Roch S.A. court restructuring process (concurso preventivo de acreedores)

Counsel to Roch S.A. in its successful financial debt restructuring under a court reorganization process (concurso preventivo de acreedores) in accordance with Argentine Bankruptcy Law No.24,522, after obtaining the judicial endorsement to the agreements reached with its creditors.

In the context of the reorganization, Roch managed to refinance: (i) financial loans with Banco Itaú Argentina, Banco de la Ciudad de Buenos Aires and Banco Provincia de Tierra del Fuego; (ii) a secured private note originally issued on December 13th, 2018; and (iii) series 4 notes maturing on June 18, 2020and series 5 notes maturing on April 15, 2021.

As a result of the refinancing process, Roch issued a new secured private note and series 1 notes under the public offering regime and executed loan restructuring agreements with Banco Itaú Argentina, Banco de la Ciudad de Buenos Aires and Banco Provincia de Tierra del Fuego. The company's total new restricted financial debt is US$28,825,177. All instruments under the new financial debt have the same terms and conditions: (i) 6.50% fixed interest rate (except for Banco Itaú Argentina loan, which bears a variable interest rate and is denominated in Argentine Pesos); (ii) mature on July 27, 2027; (iii) principal will be amortized in 22 quarterly installments and an initial 10% principal payment will be made; and (iv) interest will be paid on the same principal amortization dates.

The new financial debt is secured on a pro rata basis by a security trust assignment agreement of certain collection rights under hydrocarbon sales operations of the Company.

 


Stoneway Debt Restructuring

Counsel to SCC Power in the acquisition of the business enterprise of Stoneway Capital Corporation, consisting of four power generation facilities located in Argentina, with an aggregate installed capacity of 737 MW. The acquisition and restructuring transactions were effected pursuant to the chapter 11 plan and the plan of arrangement pursuant to the Canada Business Corporations Act of Stoneway Capital Corporation and its affiliated debtors-in-possession, which went effective on May 17, 2022.

As consideration for the assets, SCC Power issued to certain creditors and interest holders of Stoneway U.S.$17,861,000 6.000% Secured First Lien Notes due 2028, U.S.$310,000,000 8.000% Secured Second Lien Notes due 2028 and U.S.$200,000,000 4.000% Secured Third Lien Notes due 2032. The first interest payment under the notes is due on September 15, 2022.


Legal Counsel to Banco de Galicia y Buenos Aires S.A.U. and Banco de Inversión y Comercio Exterior S.A. in the Granting of a Loan to a Phrónesis Group Company for US$5,300,000

Legal counsel to Banco de Galicia y Buenos Aires S.A.U., as lender, administrative agent and guarantee agent, and to Banco de Inversión y Comercio Exterior S.A., as lender, in the granting of a loan for a total amount of US$5,300,000 to a Phrónesis Group company, an agro-industrial group dedicated to the production, processing and marketing of foods in the local and international market, to finance the expansion of its industrial plant located in the province of San Juan.


Albanesi Energía S.A.’s US$ 175 million loan refinancing

Legal counsel to UBS Investment Bank as arranger in Albanesi Energía S.A.’s US$ 175,000,000 loan refinancing (2021).

Albanesi Energía S.A. (“AESA”), an electricity-generating subsidiary of the Argentine energy group Albanesi, has successfully refinanced a secured credit facility granted by UBS Investment Bank in 2017 for an amount of USD 175,000,000, intended to finance the construction and commissioning of co-generation project in the Province of Santa Fe, Argentina. The financing, originally scheduled to mature on December 2021, will mature on December 2023. The transaction allowed AESA to improve its debt maturity profile as well as to comply with mandatory refinancing requirements imposed by the Argentine Central Bank to local companies by Communications “A” 7106 and 7230.


Generación Mediterránea in a loan for an amount of US$ 14,808,483.01 granted by J.P. Morgan Chase Bank

 

Legal counsel to Generación Mediterránea S.A., as borrower, and Albanesi S.A. and Central Térmica Roca S.A., as corporate guarantors, in a loan for an amount of US$ 14,808,483.01 granted by J.P. Morgan Chase Bank, N.A., as organizer, original lender and facility agent, and guaranteed by Export-Import Bank of the United States.


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.


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.


KfW IPEX-Bank grants a portfolio project finance facility for the development and construction of the wind farms Chubut Norte III and Chubut Norte IV

 

KfW IPEX-Bank grants to Genneia Vientos Sudamericanos S.A. and Genneia Vientos Patagónicos S.A, two special purpose vehicles fully owned by Genneia S.A., a joint facility worth US$ 131,550,636 under a non-recourse portfolio project finance structure under the RenovAr programme, for the development and construction of the wind farms Chubut Norte III and Chubut Norte IV (which will be located in the Chubut province), totaling 140.88 MW of combined generation capacity.


Ensenada de Barragán thermal power plant sale

 

 

Integración Energética Argentina S.A. (“IEASA”), undertook the National and International Public Bid No. CTEB 02/2019 (the “Public Bid”) by means of which the “Ensenada de Barragán” power plant was sold and transferred, according to the terms and conditions disposed by Decree No. 882/2017 of the Executive Branch and Resolution No. 11-E/2018. As a result of the Public Bid, IEASA awarded to YPF S.A. and Pampa Cogeneración S.A., as sponsors of CT Barragán S.A.


Secured loan for an aggregate amount of up to US$ 150,000,000 granted by the International Finance Corporation to the Province of Córdoba

Tavarone, Rovelli, Salim & Miani assisted on the structuring of a cross-border secured loan for an aggregate amount of up to US$ 150,000,000 granted by the International Finance Corporation (“IFC”) to the Province of Córdoba to finance capital expenditures in connection with the Borrower’s transport sector investment plan. The loan is secured by a trust agreement entered into by the Province as trustor, Banco Comafi S.A. as trustee and IFC as beneficiary.