We advised the banks on an international syndicated loan and four local bilateral loans granted to Tecpetrol for a total amount of US$750,000,000
Milbank and Bruchou & Funes de Rioja advised Banco Bilbao Vizcaya Argentaria, S.A. and Itaú Unibanco S.A., Nassau Branch (the “Syndicated Lenders”) and A&O Shearman advised Tecpetrol S.A. (“Tecpetrol”), a leading participant in the oil and gas industry, with activities that include the exploration, exploitation and transport of hydrocarbons, in the granting of a syndicated loan governed by New York law for an amount of US$270,000,000 to Tecpetrol (the “Syndicated Loan”). Clifford Chance advised TMF Group New York, LLC, which acted as administrative agent and collateral agent (the “Collateral Agent”) under the Syndicated Loan.
Additionally, Bruchou & Funes de Rioja advised Banco BBVA Argentina S.A., Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A. and Industrial and Commercial Bank of China (Argentina) S.A.U. (the “Local Lenders”) in connection with four bilateral export pre-financing loans, each governed by Argentine law and granted individually by each Local Lender to Tecpetrol for an aggregate amount of US$480,000,000 (the “Local Loans” and together with the Syndicated Loan, the “Financing”).
The Financing, for a total amount of US$750,000,000, represents one of the most significant transactions in the Argentine energy sector, highlighting the continued interest of international and local financial institutions in supporting the development of the Argentina’s energy sector.
Legal advisors to Tecpetrol under the Syndicated Loan:
International: A&O Shearman – Partners Alejandro A. Gordano and Augusto Ruiloba and associate Catalina Beccar Varela.
In-house: Fernando Moreno and Paula Hang.
Legal advisors to the Syndicated Lenders under the Syndicated Loan:
International: Milbank – Partner Carlos Albarracín, associates Fernando Quezada and Caio Junqueira Brito and international attorney Manuel Etchevehere.
Local: Bruchou & Funes de Rioja’s Banking & Capital Markets Department – Partner Alejandro Perelsztein and associates Sebastián Pereyra Pagiari, Malena Tarrío, Branko Serventich and Marco Haas.
Legal advisors to the Collateral Agent under the Syndicated Loan:
Clifford Chance – Partner Daniel Winick and associate Xiaowen Zou.
Legal advisors to Tecpetrol under the Bilateral Loans:
In-house: Fernando Moreno and Paula Hang.
Legal advisors to Local Lenders under the Local Loans:
Bruchou & Funes de Rioja’s Banking & Capital Markets Department – Partner Alejandro Perelsztein and associates Sebastián Pereyra Pagiari, Malena Tarrío, Branko Serventich and Marco Haas.
