Published in, 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


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