Bomchil and Marval assist in new issue of Aluar Aluminio Notes
Bomchil has advised Aluar Aluminio Argentino, and Marval O’Farrell Mairal the underwriters, in the issuance of Aluar Aluminio’s Series 7 Guaranteed Notes for a total nominal amount of US$137,898,136.
The issue took place on 12 October where the 7.00% annual nominal fixed rate hard-dollar secured Notes, maturing on 12 October 2028, were integrated and payable in US dollars abroad.
Linklaters provided legal advice to Citibank, as collateral agent, while Alston & Bird also participated in the transaction.
Payment of the Series 7 Notes will be secured by: (i) the grant to Citibank, as collateral agent, of a first priority security interest (pledge) in all of Aluar’s rights of collection under aluminium export contracts with certain customers, and (ii) the granting to the Collateral Agent of a first priority security interest (pledge) in all funds deposited in the collection account assigned to the collateral in line with the provisions of Communication “A” 7770 (as amended and supplemented) of the Argentine Central Bank and in accordance with the provisions of the security agreement entered into by Aluar, Citibank, in its capacity as Collateral Agent and collection account bank, and TMF Trust Company (Argentina), in its capacity as representative of the holders, which is governed by the laws of the State of New York, United States of America.
The Notes have a particular structure not only because of the guarantee subject to foreign law but also because of the foreign law applicable to the obligation and the place of payment of the marketable securities.
The Series 7 Notes are admitted for listing and trading on the Argentine Stock Exchanges and Markets and on the Electronic Open Market.
SBS Trading and Banco Santander Argentina acted as arrangers and underwriters; and Alchemy Valores, Balanz Capital Valores, Banco Comafi, and Puente Hermanos acted as underwriters. In addition, TMF Trust Company Argentina will act as representative of the holders of the Series 7 Notes.
Aluar Aluminio Argentino is a nationally owned company managed in accordance with the most demanding international industry standards and in permanent evolution. Thanks to a constant investment plan, its current aluminium production capacity is 460,000 tons per year, which allows it to fully supply the local market and export 70% of its production to various markets, including NAFTA countries, Latin America and Asia.
Bomchil’s team was formed by partners María Victoria Funes (pictured bottom left) and Fermin Caride (pictured bottom right) and associates Luciano Zanutto, Hugo Bruzone and Yazmín S. Tek.
Marval’s team comprised partners Gabriel G. Matarasso (pictured top left) and Sergio Talamo (pictured top centre), and associates Juan Pablo Lentino, Lautaro Penza and Sebastian Swinnen, as well as partner Roberto E. Silva (pictured top right), and associates Martín Lanús and Mauro Dellabianca.
Linklaters’ team included partners Michael Bassett, Conrado Tenaglia and associates Juan Mata, Ramón Augusto Poliche and Mario Lercari.
Alston & Bird’s team was represented by Brad Johnson and Christina Garrett.
