TCA and Bruchou in first issue of Treasury Bills of Neuquén

Tanoira Cassagne Abogados has advised the Province of Neuquén, and Bruchou & Funes de Rioja the arrangers and underwriters, in the issuance of Treasury Bills Series I, dated March 31, for a total amount of $ $14.000.000.000 as follows:

1. Treasury Bills Series I Class 1 maturing on March 31, 2024 for v/n of $3,353,187,402 at a variable Badlar rate plus a margin of 8.90% and guaranteed with resources from the Federal Coparticipation of Taxes;
2. Treasury Bills Series I Class 2 Tranche A maturing on September 30, 2024 for v/n of U$S14,886,253 at a fixed annual nominal interest rate of 2.49% and guaranteed with resources from the Federal Tax Coparticipation; and
3. Treasury Bills Series I Class 2 Tranche B maturing on March 31, 2026 for an amount of U$S11,843,579 at a fixed annual nominal interest rate of 6.00% and guaranteed with resources coming from the Province’s rights for up to a determined percentage of Oil Royalties.
4. Treasury Bills Series I Class 3 Tranche A maturing on September 30, 2024 for an amount of $ 2,178,000,000,000 at a fixed annual nominal interest rate of 5.80% and guaranteed with resources from the Federal Tax Coparticipation; and
5. Treasury Bills Series I Class 3 Tranche B maturing on March 31, 2026 for an amount of $2,925,000,000 at a fixed annual nominal interest rate of 8.50% and guaranteed with resources from the Province’s rights for up to a determined percentage of Oil Royalties.

The Treasury Bills Series I Class 3 Tranche A and Class 3 Tranche B were issued with principal adjustable by the variation of the Reference Stabilisation Coefficient (CER), under the Fiscal Consensus Law No. 27.634.

Banco Provincia del Neuquén acted as arranger, lead arranger and calculation agent; Banco de Galicia y Buenos Aires and Banco Macro acted as co-arrangers; and Banco de Galicia y Buenos Aires, Macro Securities, Adcap Securities Argentina, Banco Patagonia, Balanz Capital Valores, Banco de Servicios y Transacciones, Compañía Financiera Argentina, Banco Comafi and TPCG Valores acted as co-underwriters.

TCA’s team was led by partners Alexia Rosenthal (pictured left) and Jaime Uranga (pictured centre) and associates Juan Sanguinetti, Juan Manuel Simó, Teófilo Trusso and Ana Lucía Miranda.

Bruchou’s team consisted of partner Alejandro Perelsztein (pictured right) and associates Leandro E. Belusci, Manuel Etchevehere and Branko Serventich.