Bruchou advised on the issuance of Generación Mediterránea for the expansion of a thermal power plant

Bruchou & Funes de Rioja - July 28, 2021

[vc_column][vc_column_text]Bruchou assited on the issuance of Generación Mediterránea S.A. (“GEMSA”) obtained financing in the local capital market for US$ 130 million, which shall be used to expand the generation of capacity in the Ezeiza power plant in 154 MW (the “Ezeiza Expansion Project”).

In order to incur in such financing, GEMSA, along with Central Térmica Roca S.A., both companies belonging to Grupo Albanesi, carried out consent solicitation processes directed to (i) the holders of the Series II 15.000% Senior Secured Notes due 2023 co-issued by GEMSA and Central Térmica Roca, which included an extraordinary holders’ meeting and (ii) the holders of the 9.625% Senior Notes due 2023 co-issued by GEMSA and Central Térmica Roca.

Obtaining the aforementioned consents allowed GEMSA to successfully complete the placement and issuance of Series No. XV due 2026 and Series No. XVI due 2029 (the “Notes”) issued in the terms of the Global Non-Convertible Simple Notes Program for an aggregate principal amount of up to US$ 250 million (or its equivalent in other currencies or units of value), which will have limited and exclusive recourse in the terms of Section 3 of the Negotiable Obligations Law and will be guaranteed by a trust, first-priority pledges on certain collateral assets and will have the benefit of an insurance policy.

Considering that, certain collateral assets had already been pledged with a first-priority lien in favor of a pre-existing lender (the “Pre-existing Lender”), on July 8, 2021 an intercreditor agreement (the “Intercreditor Agreement”) was entered into among GEMSA, the Pre-existing Lender and Banco de Servicios y Transacciones S.A., in order to regulate the rights of the holders of the Notes and the Pre-existing Lender with respect to the aforementioned pledge, particularly regarding the application of the proceeds obtained as a result of an eventual execution.

Dealer managers and placement agents

Bruchou, Fernández Madero & Lombardi advised SBS Capital S.A. and Banco de Servicios y Transacciones S.A., as dealer managers for the offering of the Notes, and SBS Trading S.A., Banco de Servicios y Transacciones S.A., Facimex Valores S.A., Banco de la Provincia de Buenos Aires, Macro Securities S.A., Adcap Securities Argentina S.A. and TPCG Valores S.A.U., as placement agents for the offering of the Notes.

Legal advisors of arrangers and placement agents:

Bruchou, Fernández Madero & Lombardi

Partner Bazán, José María and associates Belusci, Leandro Exequiel, Sainato, Facundo and Dorado, Lucila.

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