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.