Bomchil and TRSYM assist in issuance of SPI Energy Notes
Bomchil has assisted SPI Energy, and Tavarone Rovelli Salim & Miani assisted the underwriters, in the issuance of two classes of dollar-linked secured notes for an aggregate notional amount of $135,000,000 USD, to finance the expansion and conversion to combined cycle of its power generation plant located in San Pedro, Province of Buenos Aires.
The Class 1 Guaranteed Notes due 2026 were issued for a nominal amount of US$33,499,900 at an annual nominal rate of 4.00%, while the Class 2 Guaranteed Notes due 2032 were issued for a nominal amount of US$101,500,100, at an annual nominal rate of 6.75%.
This transaction was carried out on 27 June, through a public offering in the Argentinean market. The Notes are secured by a fiduciary assignment and a first priority pledge of SPI Energy’s rights under the project, including the combined cycle supply contract with CAMMESA, the EPC contract and the project equipment.
Banco de Servicios y Transacciones acted as security agent and trustee, and together with Banco de la Provincia de Buenos Aires and Banco Supervielle, acted as arranger and placement agent. In addition, Allaria Ledesma & Cia, Puente Hnos, Facimex Valores, Industrial Valores, Balanz Capital Valores, Adcap Securities Argentina, Banco Mariva, Supervielle Agente de Negociación, and TPCG Valores acted as placement agents.
The expansion and conversion to combined cycle of the San Pedro Plant consists of the installation of a 60 MW steam turbine, three recovery boilers, an air condenser and various auxiliary equipment that will increase the plant’s total capacity to 208.5 MW and raise energy efficiency by 25%, placing the San Pedro Plant among the most efficient thermal generation plants in Argentina’s energy matrix. The combined cycle is expected to be fully operational by February 2024.
Bomchil’s team was led by partner Fermín Caride (pictured left), with support from associates Victoria Tuculet, Emir Faita, Luciano Zanutto, Delfina Ortega and Benjamín Anaya.
TRSYM team was composed by partner Francisco Molina Portela (pictured right) together with associates Eduardo Cano and Fiorella Ascenso Sanabria.
