We advised Oleoductos del Valle in entry to Public Offering Regime, the creation of their Global Notes Program and its first issuance for US$50,000,000

New Deal - April 24, 2023

Bruchou & Funes de Rioja advised Oleoductos del Valle S.A (the “Company”), leading national company in the midstream segment, in the entry to the Public Offering Regime of the Argentine Securities and Exchange Commission and in the creation of the Global Notes Program of up to US$500,000,000 (or its equivalent in other currencies or other unit value) (the “Program”).

Within the scope of the Program, Bruchou & Funes de Rioja advised Oleoductos del Valle S.A and TCA Tanoira Cassagne advised Banco de Galicia y Buenos Aires S.A.U. as arranger and placement agent (the “Arranger”), Industrial and Commercial Bank of China (Argentina) S.A.U., Banco Santander Argentina S.A., Max Capital S.A., Macro Securities S.A.U., and Balanz Capital Valores S.A.U., as placement agents (together, the “Placement Agents”), in the successful inaugural issuance of class 1 notes for an amount of US$50,000,000 (dollars fifty million) (the “ Notes”), with a rate of 0.00%, maturing on April 18, 2026 and with an oversubscription of approximately 116 times the maximum issue amount.

The proceeds from the placement will be used to partially finance infrastructure works, mainly related to the Duplicar Project, which consists of a project to expand Oldelval’s transportation capacity that includes: (i) the laying of approximately 525 km of pipelines along Rio Negro, La Pampa and Buenos Aires; (ii) the repowering of pumping stations; and (iii) the replacement of the section in the Bahía Blanca area. This will allow, once the work is completed, to increase the country’s oil exports between approximately 180,000 and 250,000 barrels/day.

Legal counsel to Oleoductos del Valle S.A.

Bruchou & Funes de Rioja: Partner José María Bazán and associates Leandro Belusci, Josefina Mortola Saiach, Branko Serventich and Sofía Maselli.

Legal counsel to the Main Arranger, the Arranger and the Placement Agents

TCA Tanoira Cassagne: Partners Alexia Rosenthal, Jaime Uranga and associates Ignacio Criado Diaz, Lucia Viboud Aramendi, Carolina Mercero and Alejo Medici Raymundi.