Banking & Capital Markets – Syndicated Loans & Other Bank Financings – Debt Capital Markets
SYNDICATED LOAN
Bruchou Fernández Madero & Lombardi advised Petroquímica Comodoro Rivadavia S.A. (the “Company”), a leading Argentine company engaged in the exploration and production of hydrocarbons, the generation of renewable energies and the production and distribution of cement, in the execution of a syndicated loan agreement between the Company, advised Banco de Galicia y Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A. and Banco Santander Río S.A. (the “Lenders”), and Banco Santander Río S.A., as administrative agent, for an amount of up to AR$6,757,530,000, funds which were and will be used to refinance liabilities, working capital and investment in fixed assets.
Legal counsel to Petroquímica Comodoro Rivadavia S.A
Bruchou, Fernandez, Madero & Lombardi: Partners Bazán, José María and Rey, Daniela and associates Chester, Andrés, Muir, Pablo, Gallo, Sofía and Calosso, Maria Cecilia.
EXCHANGE OF NOTES
On January 29, 2021, the Company successfully concluded a liability management transaction which consisted in the issuance of its US$30,119,338 9.00% Series D Notes due January 29, 2023 (the “Series D Notes”), under the Frequent Issuer Simplified Regime, subscribed in cash and through the exchange of approximately 92.7% of its US$36,962,246 9.00% Series 2 Notes due February 17, 2021, issued under the U$S400,000,000 Notes Issuance Program (Programa de Emisión de Títulos de Deuda) (or its equivalent in other currencies) (the “Series 2 Notes”).The issuance was conducted pursuant to Communication “A” 7106 of the Central Bank of Argentina which established that debtors with scheduled repayments of principal maturing between October 15, 2020 and March 31, 2021 relating, among others, to issuances of foreign-denominated debt securities duly registered in Argentina (as is the case of the Series 2 Notes) shall submit a refinancing plan to the Central Bank of Argentina in line with the criteria described in such rule.
Bruchou, Fernandez Madero & Lombardi advised Petroquímica Comodoro Rivadavia S.A. Banco Itaú Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Banco Santander Río S.A., Allaria Ledesma & Cía. S.A., Balanz Capital Valores S.A.U. and Itaú Valores S.A., acted as placement agents.
The Series D Notes are listed on Bolsas y Mercados Argentinos S.A. and are traded on Mercado Abierto Electrónico S.A.
Legal counsel to Petroquímica Comodoro Rivadavia S.A
Bruchou, Fernandez, Madero & Lombardi: Partner Bazán, José María and associates Chester, Andrés, Sainato, Facundo and Reyes, Josefina.
