Bruchou advised on the issuance of Generación Mediterránea for the expansion of a thermal power plant
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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Bruchou acted as counsel in the issuance of notes by Compañía General de Combustibles S.A.
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Bruchou advised YPF in the largest corporate liability management exercise in the history of Argentina
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Bruchou acted as sole Argentine legal counsel in the restructuring and exchange of debt issued by the Republic of Argentina
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