Wednesday, 28 July 2021 21:39

Bruchou advises on the issuance of Generación Mediterránea Project bond in Argentina

Bruchou, Fernández, Madero & Lombardi has assisted in the issuance of Generación Mediterránea for the expansion of the Ezeiza thermal power plant

 Bruchou, Fernández, Madero & Lombardi has advised SBS Capital S.A. and Banco de Servicios y Transacciones S.A., as arrangers; and SBS Trading S.A., Banco de Servicios y Transacciones S.A., Facimex Valores S.A., Banco de la Provincia de Buenos Aires, Macro Securities S.A., Adcap Securities Argentina S.A. and TPCG Valores S.A.U., as placement agents of the Negotiable Obligations, in the issuance of Generación Mediterránea S.A. (GEMSA) of the first Project bond in Argentina with a financing in the local capital market for $130 million US dollars, destined to expand the Ezeiza thermal power plant.

Generación Mediterránea, together with Central Térmica Roca S.A., both companies belonging to the Albanesi Group, had to carry out consent solicitation procedures addressed to the holders of the co-issued negotiable obligations for a total amount of $336 million, as well as to the holders of the co-issued class II negotiable obligations on 5 August 2019 for a total amount of $80 million.

As a result, GEMSA was able to successfully complete the placement and issuance of the Class XV and Class XVI Notes issued under the Global Program for the Issuance of Simple Notes (Non-Convertible into Shares) for up to $250 million. They will have limited and exclusive recourse under the terms of article 3 of the Negotiable Obligations Law. In addition, they will be secured by a guarantee and payment trust, with a pledge on certain assets as collateral and will have the benefit of a surety insurance.

Generación Mediterránea S.A. (GMSA), a subsidiary of the Argentinean company Albanesi S.A., based in Buenos Aires and founded in 1993, is dedicated to the generation and sale of electricity.
Bruchou's team was led by partner José María Bazán (pictured left), assisted by associates Leandro Exequiel Belusci (pictured right), Facundo Sainato and Lucila Dorado.

The Latin American Lawyer
N.21 • September 2021

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Iberian Lawyer
N.107 • September 2021

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