We advised the international and local placement agents on Edenor’s international issuance of notes for US$90,000,000
Empresa Distribuidora y Comercializadora Norte S.A. (Edenor S.A.), the largest electricity distributor in Argentina, issued on February 9, 2026 new Additional Class 7 Notes, denominated and payable in U.S. dollars, bearing interest at a 9.75% nominal annual rate and maturing on October 24, 2030 (the “Additional Notes”), under its global notes program for up to US$750 million (or its equivalent in other currencies) approved by the Argentine Securities Commission.
The issuance of the Additional Notes was carried out pursuant to Rule 144A and Regulation S under the U.S. Securities Act and was structured under a third amendment to the indenture dated October 24, 2024, as amended and supplemented, in connection with a reopening of the Initial Class 7 Notes, originally issued on October 24 and 25, 2024 and on November 19, 2025.
The issuance of the Additional Notes was for an amount of V/N US$90,000,000, resulting in a total aggregate outstanding principal amount of Class 7 Notes of US$475,000,000.
The Additional Notes are listed on the Official List of the Luxembourg Stock Exchange, Bolsas y Mercados Argentinos S.A., and A3 Mercados S.A.
BofA Securities, Inc., Banco BTG Pactual S.A. – Cayman Branch, and UBS Securities LLC acted as Joint Global Coordinators and Joint Bookrunners, and Latin Securities S.A. acted as Joint Bookrunner, in connection with the issuance of the Additional Notes (together, the “International Bookrunners”). Global Valores S.A., Balanz Capital Valores S.A.U., Banco Mariva S.A., and Latin Securities S.A. acted as local placement agents (together, the “Local Placement Agents”). The Bank of New York Mellon acted as Trustee, Co-Registrar, Principal Paying Agent, and Transfer Agent under the indenture (as supplemented from time to time) entered into with Edenor and Banco de Valores S.A., the latter acting as the Trustee’s Representative in Argentina, Registrar, Transfer Agent, and Paying Agent in Argentina.
Legal advisors to Edenor under U.S. and Argentine law
DLA Piper acted as legal counsel to Edenor under New York and Argentine law. The team was composed of partners Joshua Kaufman and Marcelo Etchebarne, of counsel Nicolás Teijeiro and associate Daiana Suk (New York law), and partner Alejandro Noblía and associate Federico Vieyra (Argentine law).
Edenor’s in-house legal counsel
The Director of Legal and Regulatory Affairs, María José Pérez Van Morlegan; the Legal Advisory Manager, Federico Ponelli; Senior Attorney Sabrina Belén Hernández; and attorney Marcos Mogni provided in-house legal advice to Edenor in its capacity as issuer.
Legal advisors to the International and Local Bookrunners under U.S. law
Clifford Chance US LLP acted as legal counsel to the International Bookrunners and the Local Placement Agents under U.S. law, with a team led by partner Hugo F. Triaca and composed of associates David Rondon, Cristian Ragucci, and Juan Andrés Bosch.
Legal advisors to the International and Local Bookrunners under Argentine law
Bruchou & Funes de Rioja acted as legal counsel to the International Bookrunners and the Local Placement Agents under Argentine law, with a team led by partner Alejandro Perelsztein and associates Juan María Rosatto and Manuel Vergez Dinatale.
Legal advisors to the Trustee, Co-Registrar, Principal Paying Agent, and Transfer Agent
Reed Smith LLP acted as legal counsel to the Trustee, Co-Registrar, Principal Paying Agent, and Transfer Agent, with a team led by partner Adam Solowsky.
