Bruchou advises on Misiones Conversion Bond issue
Bruchou & Funes de Rioja has advised the Province of Misiones, together with the arranger and the underwriter, in the issuance of the second tranche of the Public Debt Securities “Conversion Bond – Province of Misiones” maturing on March 15, 2031, for a total amount of ARS $1,427,663,887 and at a nominal annual variable rate equivalent to the Badlar rate.
The second tranche of the Conversion Bond was issued to achieve the conversion of the principal of the loan contracts granted by ANSES in favour of Misiones in 2018 and 2019, within the framework of National Laws No. 27,260 and No. 27,574 and National Decree No. 458/21.
The repayments are secured by an assignment in guarantee of the province’s collection rights over the funds or any other payment coming from the Federal Co-participation Tax Regime, or the one that may replace it in the future.
The second tranche of the Conversion Bond was issued on 17 January 2023 and requested to be listed and traded on BYMA and the MAE.
Banco Macro acted as arranger and Macro Securities as underwriter.
Bruchou’s team was led by partner José María Bazán (pictured) and associates Leandro Exequiel Belusci, Manuel Etchevehere and Pedro Azumendi.
