Beccar Varela advised the lenders on a $475 million finance to DESA Group, an energy company in Argentina.
The loan was granted by Deutsche Bank, JPMorgan and Nomura Securities. In addition, Deutsche acted as administrative agent and collateral agent. The facility is denominated in US dollars at an annual nominal fixed rate of 9.5%, for a three-year term. It is secured with a first-degree preference pledge on 100% of the borrowers’ shares and 100% of the shares of certain subsidiaries across several jurisdictions.
Partner Alejandro Poletto led the Beccar Varela team acting as Argentinean counsel to the banks. The lenders also relied on Gibson, Dunn & Crutcher (New York and London), Consortium Legal (Costa Rica), Ferrere (Uruguay) and Garrigues (Spain).
The borrower, DESA Group instructed a team at Errecondo, Gonzalez & Funes in Buenos Aires led by partners Javier Errecondo and Ximena Digon.
DESA also retained Cleary Gottlieb Steen & Hamilton in New York and London, Pacheco Coto in Costa Rica and DLA Piper in Spain.