We advised the placement agents on the issuance of Additional Debt Securities by the Province of Mendoza for AR$98,792,579,000
On November 19, 2025, the Province of Mendoza issued: (i) Additional Class 1 TAMAR Debt Securities in the amount of Ps. 43,985,851,000 with maturity date of June 20, 2026; and (ii) Additional Class 2 TAMAR Debt Securities in the amount of Ps. 54,806,728,000 with maturity date of December 20, 2026. The transaction was a reopening of the Original Debt Securities issued in a first tranche on March 20, 2025, and in a second tranche on June 30, 2025. As a result, the aggregate principal amount of Debt Securities outstanding following the issuance of the Additional Debt Securities amounts to Ps. 224,618,656,000.
The Additional Debt Securities will accrue interest on a quarterly basis and are secured with resources derived from the Federal Tax Co-Participation Regime.
The auction of the Additional Debt Securities featured both a cash subscription tranche and an in-kind subscription tranche, the latter carried out through the tender of the Province of Mendoza’s Class 1 CER Debt Security maturing on December 14, 2025. The offering reached a total principal amount of Ps. 98,792,579,000, of which Ps. 27,430,309,000 were allocated to in-kind subscription orders, representing 27.77% of the total issuance.
Banco de Galicia y Buenos Aires S.A., Macro Securities S.A.U., Max Capital S.A. and Puente Hnos S.A. acted as Placement Agents of the transaction.
Legal advisors to the Province
DLA Piper Argentina advised the Province of Mendoza through partner Justo Segura and associate Federico Vieyra.
Legal advisors to the Placement Agents
Bruchou & Funes de Rioja – Banking & Capital Markets Department advised Banco de Galicia y Buenos Aires S.A., Macro Securities S.A.U., Max Capital S.A. and Puente Hnos S.A., through partner Alejandro Perelsztein and associates Facundo Suárez Loñ, Marco Haas and Manuel Vergez Dinatale.
