Beccar Varela and PAGBAM advise on Petróleos Sudamericanos’ second issuance of notes
Beccar Varela and Pérez Alati, Grondona, Benites & Arntsen (PAGBAM) played pivotal roles in advising on the second issuance of notes by Petróleos Sudamericanos. Varela. The company issued its Class II notes on February 28, 2025, for a total nominal value of US$9,158,045.
The notes, which are simple, non-convertible into shares, and unsecured, were denominated, subscribed, and payable in U.S. dollars in Argentina (Dólar MEP). They carry a fixed nominal annual interest rate of 8.75%, payable semiannually, with full repayment scheduled for August 28, 2027.
Rated “A-.ar” by Moody’s Local AR Agente de Calificación de Riesgo, the notes were authorized for listing on Bolsas y Mercados Argentinos and trading on A3 Mercados. The issuance forms part of the company’s Global Program for the Issuance of Simple, Non-Convertible Notes, which allows for a maximum outstanding nominal value of up to US$35,000,000.
Banco Santander Argentina acted as the organizer and placement agent for this transaction. Additional placement agents included Banco de Galicia y Buenos Aires, Banco Comafi, Banco Supervielle, Banco Patagonia, Banco CMF, Provincia Bursátil, Balanz Capital Valores, Puente Hnos, SBS Trading, Adcap Securities, and GMC Valores.
Beccar Varela advised Petróleos Sudamericanos with a team led by Luciana Denegri (pictured left) and supported by María Victoria Pavani, Martina Puntillo, and Carlos Nicolás Saúl Lucero.
PAGBAM provided legal counsel to the placement agents with a team led by Diego Serrano Redonnet (pictured right), accompanied by Alejo Muñoz de Toro, Juan Ignacio Rodriguez Goñi, Tamara Friedenberger, and Catalina Hermida Pini.
