Inversora Juramento S.A.’s Series VI Notes for US$ 30,000,000
Legal counsel in the issuance of Inversora Juramento S.A.’s 9.00% Series VI Notes for US$ 30,000,000, due October 3, 2027. The Series VI Notes were issued on October 3, 2025 under the Global Notes Program for an amount of up to US$100,000,000.
Macro Securities S.A.U. acted as arranger, settlement agent and placement agent, and Banco Patagonia S.A., Banco Supervielle S.A., Banco de la Provincia de Buenos Aires, Invertironline S.A.U., Banco CMF S.A., Invertir en Bolsa S.A., Balanz Capital Valores S.A.U. and Banco de Galicia y Buenos Aires S.A. acted as placement agents.
J&F Group debuts in Argentina’s O&G Sector with Pluspetrol Acquisition
Legal Counsel to Flxs OGE S.A. (“Fluxus”), a member of the J&F Group, in the acquisition of two oil and gas concessions in the province of Neuquén from Pluspetrol S.A. The deal closed on August 29, 2025, after receiving approval from the province of Neuquén to transfer concessions “CNQ-12 Centenario – Blocks I and II” and unconventional block “CNQ-12 Centenario – Central Block.”
This transaction marks the formal entry of Fluxus’s activities in the Argentine oil and gas sector, strengthening its operations following recent acquisitions in Bolivia. The J&F Group is the largest business conglomerate in Brazil, parent company of giants such as JBS and Eldorado Brasil, with operations in more than 22 countries and over 290,000 employees worldwide.
Our Firm acted as legal advisor to Fluxus, through the team led by partner Juan Pablo Bove and associates Paula Cerizola, Milagros Piñeiro, Manuela Cané, Rocío Valdez, and Sofía Elhorriburu.
Legal Counsel to Banco CMF S.A. in the Issuance of Class 19 Notes for US$ 21,795,000
Legal counsel to Banco CMF S.A. in the issuance of Class 19 Notes, denominated, subscribed, and payable in U.S. Dollars in Argentina, at an interest rate of 6.50% maturing on August 29, 2026, for a total amount of US$ 21,795,000 (the “Notes”), under the Global Notes Program for an amount of up to US$100,000,000 (or its equivalent in other currencies or units of measure or value).
Legal Advice on the Restructuring of the Financial and Commercial Indebtedness of Petrolera Aconcagua Energía S.A.
Counsel to Petrolera Aconcagua Energía S.A. in the restructuring of its financial indebtedness for an approximate amount of US$220 million through (i) a tender offer of 14 outstanding notes (obligaciones negociables) for an aggregate principal amount of US$180 million, (ii) a listed promissory notes (pagarés bursátiles) tender offer in exchange for notes for an aggregate principal amount of US$3 million, and (iii) the renegotiation of bank loans with several financial entities for an aggregate principal amount of approximately US$ 10 million.
The 6 newly issued step-up notes will mature in 2030 and 2032 and are denominated in Pesos and US Dollars, as applicable. Both the new notes and the restructured financial loans are guaranteed on a pro rata basis by a trust agreement for the assignment of funds under an oil sale contract to be entered into between PAESA and Trafigura Argentina S.A.
As a result of the successful restructuring, Tango Energy S.A.U, a company co-controlled by Vista Energy S.A.B and AR Energy Resources S.A. (an affiliate of Trafigura Argentina S.A.), announced its participation as controlling shareholder by acquiring 93% of PAESA´s capital stock from its current shareholders.
The transaction was characterized by an extremely tight schedule and sophisticated negotiations with a wide variety of counterparties: bond and promissory notes holders and financial entities (all sharing the same guarantee), as well as with the future shareholders and commercial creditors.
Valo Columbus S.A. acted as financial advisor to the overall transaction, and Banco de Servicios y Transacciones S.A.U. acted as placement agent for the promissory notes tender offer, administrative agent under the restructured financial loans and as trustee under the guarantee trust agreement.
Legal Advisors in the Issuance of Class I and Class II Notes by Banco de la Provincia de Córdoba S.A.
Legal advisors to Banco de la Provincia de Córdoba S.A. and the Placement Agents in the issuance of Class I simple notes for principal amount of AR$26,094,261,589, denominated, subscribed for, and payable in Pesos, bearing a variable annual nominal interest rate equivalent to TAMAR plus 3.00%, maturing on August 22, 2026; and the issuance of Class II simple notes for principal amount of US$13,294,312, denominated, subscribed for, and payable in U.S Dollars, maturing on August 22, 2026, under its Global Program for the Issuance of Simple Notes (non-convertible into shares) for up to US$ 100,000,000 (or its equivalent in other currencies or units of value).
Banco de la Provincia de Córdoba S.A. acted as Issuer, Arranger, Lead Placement Agent and Settlement Agent of the Notes. Meanwhile, Petrini Valores S.A., S&C Inversiones S.A., Becerra Bursátil S.A. and Dracma Investments S.A. acted as Placement Agents.
Law 26,894. Debt Restructuring.
On June 26, 2014, the Argentine government had transferred USD 539 million to the Bank of the New York Mellon (“BoNY”), trustee under the Trust Indenture 2005-2010 (the “Trust Indenture”) in order to make interest payments under the bonds issued on its 2005 and 2010 debt exchanges (the “Debt Restructuring”). However, on demand of certain holdout creditors, N.Y. Southern District Judge T. Griesa declared this payment illegal and ordered the BoNY to freeze the bank deposit and not to pay to the bondholders.
In response to Judge T. Griesa´s order, Argentina’s Executive Branch sent a bill to the Congress that was passed on September 10, 2014 and was enacted on September 11, 2014 under No. 26,984 (“Law 26,894”). Main aspects of this law follow:
i. The Debt Restructuring is declared of public interest, as well as the payment in "fair, equitable, legal and sustainable conditions" to 100% of the holders of Argentine bonds; and, therefore, the implementation of contracts concluded in the framework of the debt restructuring mandated by decrees 563/2010 and 1735/2004, in order to preserve the collection by the bondholders concerned.
ii. Law 26,894 authorizes the Ministry of Economy and Public Finance (“MECON”) to take all necessary measures to remove BoNY as trustee and appoint in its replacement Nación Fideicomisos S.A. (“NFSA”), notwithstanding bondholders right to appoint a new and different trustee.
iii. Law 26,894 creates the “Law No. 26,984 Fund - Sovereign Debt Payment Law”, an account opened by NFSA with the Argentine Central Bank (“BCRA”) to hold in trust the funds necessary to pay the bonds under the Trust Indenture.
iv. Authorizes the MECON to pay, on the corresponding due dates, the bonds under the Trust Indenture using NFSA´s account held with the BCRA. The corresponding funds for payments will be distributed through the new entities to be appointed by the MECON or the bondholders under the Trust Indenture, being those funds free disposable funds for the bondholders.
v. In case the bondholders, individually or collectively, request Argentina to change the governing law and jurisdiction of the bonds, the MECON will be authorized to:
v.a. Implement an exchange for new bonds, governed by Argentine law and subject to Argentine jurisdiction, with identical financial terms and conditions and with the same face value of the restructured bonds.
v.b. Implement an exchange for new bonds, governed by France law and jurisdiction, with identical financial terms and conditions and with the same face value of the restructured bonds, provided, however that Argentina will not waive its immunity for the execution of judgments arising out of the jurisdictional extension in favour of the French Courts in connection with certain public property, BCRA reserves or property involved in diplomatic missions, among other.
vi. Authorizes the MECON to implement an exchange for bondholders who did not accept the Debt Restructuring. For this purpose, the act authorizes the use of the account “Law No 26,984 Fund - Sovereign Debt Payment Law” to deposit, in the corresponding due dates, in favour of such bondholders, the funds equivalent to those that should be paid under the bonds to be issued in the future, in exchange of the old bonds not exchanged in the Debt Restructuring.
vii. Law 26,894 creates a Joint Congress Committee on Research of the Origin and Monitoring of the Management and Payment of the National Foreign Debt, which will investigate and determine the origin, evolution and current status of argentine foreign debt since March 24, 1976, to date, and the monitoring and management of payments made thereunder.
viii. Law 26,894 is declared of public interest.
ix. The funds created by the Law 26,894 and NFSA are exempt, in their operations as trustee of the Trust Indenture, of all taxes and existing or future national contributions.
x. Law 26,894 contains no express provisions regarding banking secrecy.
The Executive Branch, through the MECON, will have to issue rules to regulate in more detail the provisions of Law 26,894. We will keep you informed of any such rules and new developments regarding this matter.
Tavarone Rovelli and Salaverri Dellatorre in thermoelectric debt offering
Published in Latinlawyer.com, Monday, 19 May 2014
Tavarone, Rovelli, Salim & Miani has helped Argentine thermoelectric company Generación Mediterránea (GEMSA) raise US$12.4 million in a debt securities offering, some of the funds from which were used to repay a US$17.9 million syndicated bank loan.
Salaverri, Dellatorre, Burgio & Wetzler Malbrán advised both the underwriters of the debt offering and the arrangers of the loan.
The electricity company used US$8.3 million from the issuance to prepay some of the lending banks. GEMSA and the banks also agreed on new terms governing how the loan will be paid off and created new collateral over the financing facility from GEMSA’s energy sale agreements. Tavarone Rovelli also advised Banco de Servicios y Transacciones, which acted as trustee and collateral agent of the syndicated loan.
GEMSA owns the Modesto Maranzana thermal power plant in Río Cuarto, in Córdoba province, central Argentina.
The transaction closed on 9 May.
The underwriters included the Industrial and Commercial Bank of China (Argentina), Banco Itaú Argentina, Banco Macro, Macro Securities and Banco de Servicios y Transacciones. The lead arrangers of the loan were Industrial and Commercial Bank of China and Banco Itaú Argentina.
Counsel to GEMSA and Banco de Servicios y Transacciones
Tavarone, Rovelli, Salim & Miani
To GEMSA
Partners Marcelo Tavarone and Juan Pablo Bove and associates María Sol Ramoneda, Matías Otero, Nicolás Peralta Ramos and Catalina Menéndez
To Banco de Servicios y Transacciones
Partner Federico Salim and associate Juan Pedro Pascucci
Counsel to the underwriters and arrangers
Salaverri, Dellatorre, Burgio & Wetzler Malbrán
Partners Tomás Arnaude, Germán Wetzler Malbrán and Victoria Hitce, and associates Pablo Fernández Pujadas, Romina Mancuso, Luciana Díaz Gómez, Carolina Mallmann and Romina Mancuso