We advised the placement agents on Sidersa’s issuance of Notes for US$50,000,000
TCA Tanoira Cassagne (“TCA”) advised Sidersa S.A. as issuer (“Sidersa”), while Bruchou & Funes de Rioja advised Macro Securities S.A.U., Banco Santander Argentina S.A. and Puente Hnos. S.A., as arrangers and placement agents, and First Capital Markets S.A., Banco de la Provincia de Buenos Aires, Banco de la Nación Argentina, Banco Patagonia S.A., Banco de Galicia y Buenos Aires S.A., Banco de la Ciudad de Buenos Aires, Banco Mariva S.A., Balanz Capital Valores S.A.U. and Banco Comafi S.A., as placement agents, in Sidersa’s issuance of Class II notes in an aggregate principal amount of US$50,000,000, bearing interest at a fixed rate of 7.50% per annum, denominated and payable in U.S. Dollars in Argentina and maturing on June 19, 2029 (the “Class II Notes”).
The Class II Notes have been authorized for listing and trading on A3 and BYMA.
The proceeds from the issuance will be used to finance Sidersa’s investment plan, including the development of a new state-of-the-art integrated steel plant in the city of San Nicolás, Province of Buenos Aires. The project, which contemplates an estimated investment of US$300 million, was approved under Argentina’s Large Investment Incentive Regime (Régimen de Incentivo para Grandes Inversiones – “RIGI”), making it one of the most significant industrial projects currently underway in the country.
The project is the first—and, to date, the only—industrial project to obtain approval under the RIGI. In addition, it has initiated the process to be included in the Strategic Investments Provincial Regime (Régimen Provincial de Inversiones Estratégicas – “RPIE”) of the Province of Buenos Aires and benefits from the Municipality of San Nicolás’ adherence to the RIGI framework.
Sidersa is a leading steel solutions company and one of the main players in Argentina’s steel and metalworking industry. With more than 70 years of experience, the company operates from its industrial complex located in San Nicolás, Province of Buenos Aires, supplying more than 2,000 customers across a wide range of economic sectors.
Legal Counsel of the Issuer: TCA through a team led by Partners Alexia Rosenthal and Jaime Uranga; and Associates: Teófilo Trusso and Stefanía Lo Valvo.
Legal Counsel to the Placement Agents: Bruchou & Funes de Rioja through a team led by Partner Alejandro Perelsztein; and Associates Juan Rosatto, Gonzalo Javier Vilariño and Delfina Amaya Toustau.
