We advised in Pan American Energy, Argentine Branch syndicated loan

New Deal - April 19, 2022

Martínez de Hoz & Rueda and Bruchou advised in Pan American Energy, S.L., Argentine Branch syndicated loan

Martínez de Hoz & Rueda advised Pan American Energy, S.L., Argentine Branch (“PAE Branch“), a leading integrated energy company with upstream and downstream operations in Argentina, and Bruchou Fernández Madero & Lombardi advised a syndicate of 16 financial institutions, in a syndicate loan to PAE Branch in an amount in Pesos equal to Ps. 33,280,000,000 (equal to approximately US$299.8 million at the prevailing official foreign exchange rate of US$1 per Ps. 111.75) (the “Syndicate Loan”) to, among other uses, finance the Branch’s productive investment plans.

The syndicate of lenders included Banco BBVA Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Río S.A., Banco Comafi S.A., Banco de San Juan S.A., Banco Patagonia S.A., Banco de Santa Cruz S.A., Nuevo Banco de Entre Ríos S.A., Nuevo Banco de Santa Fe Sociedad Anónima, BACS Banco de Crédito y Securitización S.A., Banco de Inversión y Comercio Exterior S.A., Banco de la Provincia de Buenos Aires, Banco Hipotecario S.A., Banco Municipal de Rosario, Banco Provincia del Neuquén Sociedad Anónima and Citibank, N.A., Argentine branch (the “Lenders“).

The Syndicated Loan represents the largest domestic loan in the past decade in Argentina, being noteworthy also for the large number of financial institutions that participated as lenders.

Banco BBVA Argentina S.A., Banco de Galicia y Buenos Aires S.A.U. and Banco Santander Río S.A. acted as arrangers of the Syndicated Loan, while Banco BBVA Argentina S.A. also acted as the administrative agent.

Legal advisors to Pan American Energy, S.L., Argentine Branch:
Martínez de Hoz & Rueda – Partner José Martínez de Hoz (Nieto) and associate Pablo Nisim Schreiber.

In-house legal team – Gonzalo Fratini Lagos, Fernando Fresco and Dolores Reimundes.

Legal advisors to the Lenders:
Bruchou, Fernández Madero & Lombardi – Partner José Bazán and associates Sofía Gallo, Manuel Etchevehere and Manuel Rodríguez Costi.