We advised on the restructuring of financial debt of San Antonio Internacional S.A. and Servicios Especiales San Antonio S.A.
Bruchou & Funes de Rioja advised Banco de Galicia y Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco BBVA Argentina S.A. and Banco Santander Argentina S.A. (jointly, the “Banks”) in the financial debt restructuring of San Antonio Internacional S.A. and Servicios Especiales San Antonio S.A. for approximately $7,000 million.
The restructuring consisted in three separate transactions. In the first stage, San Antonio Internacional S.A. offered Banco BBVA Argentina S.A. and Banco Santander Argentina S.A. the cancellation of their credits (which amounted to approximately $4,500,000,000), through an in-kind payment of a property owned by the company, plus the payment of the resulting balance after the acquittance.
In the second transaction, Banco de Galicia y Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A.U. and San Antonio Internacional S.A. entered into a syndicated refinancing agreement, whereby they refinanced approximately $2,200,000,000 through the conversion into U.S. Dollars of the banks’ credit and the rescheduling of principal and interest maturities. This refinancing is secured by the assignment of certain equipment in trust to TMF Trust Company (Argentina) S.A. for the benefit of the banks. The equipment was subsequently loaned to the borrower.
Finally, Banco BBVA Argentina S.A. and Servicios Especiales San Antonio entered into a refinancing agreement in the amount of approximately $215,000,000, with the company offering a down payment and agreeing to new terms and conditions for payment of the remaining balance.
The signing of the three transactions was organized in a single day in different stages, to balance the large number of attendees and verify the fulfilment of the conditions precedent of each operation.
The Banks were advised by Bruchou & Funes de Rioja, through partner Analía Battaglia, and associates Cristian Ragucci, Ramón Augusto Poliche and Josefina Mórtola Saiach; partner Daniela Rey and associate Pablo Muir participated in tax issues.
Quantum Finanzas acted as financial advisors to the Banks (Juan Bruno, Martín Ormachea and Nicolás Urtubey).
San Antonio International S.A. and Servicios Especiales San Antonio S.A. were advised by Oría, Colombres & Saravia Abogados (partners Jorge Ignacio Oría and Francisco Saravia) and received financial advice from Finanzas & Gestión (Fernando Badessich, Ignacio Carbó and team).
TMF Trust Company (Argentina) S.A. was advised by TCA Tanoira Cassagne, through partners Alexia Rosenthal and Jaime Uranga and associates Ignacio Criado Díaz and Teófilo Trusso.
