Bruchou and Beccar Varela assist in reopening of Vista Notes
Bruchou & Funes De Rioja has assisted Vista Energy Argentina (Vista), and Beccar Varela the underwriters, in the issuance of the Additional Class XVI Notes -simple, non-convertible into shares, denominated in US dollars and payable in pesos-, for a nominal value of US$ 40,785,237.
The integration of the Additional Class XVI Notes was carried out exclusively in kind through the delivery of the Class VII Notes (issued on 10 March 2021). The issue was made under the framework of the Global Programme for the issuance of short, medium or long term simple marketable debentures (not convertible into shares) for a maximum amount of up to US$ 800,000,000 (or its equivalent in other currencies or units of value).
The Additional Class XVI Notes, which will mature on 6 June 2026, will accrue interest at a fixed rate of 0.00% nominal annual interest, so that no interest will be paid under them, and 100% of the principal will be amortised in a single payment on their maturity date. It should be noted that they were fully subscribed through the delivery of 93.45% of the outstanding Class VII Notes.
Furthermore, the Additional Class XVI Notes have been admitted for listing in the Argentine Stock Exchange and Markets and authorised for trading in the Electronic Open Market. On 17 May, Moody’s Local AR Risk Rating Agent locally rated the Additional Class XVI Notes as “AAA.ar” with a stable outlook.
Banco BBVA Argentina, Banco de Galicia y Buenos Aires, Banco Itaú Argentina, Banco Macro, Macro Securities and Itaú Valores acted as underwriters in the issuance of Additional Class XVI Notes.
Vista also issued its Class XX Notes – simple, non-convertible into shares, denominated, integrated and payable in US dollars – for a par value of US$ 13,500,000 on 5 June.
The issue was made within the framework of the Global Programme for the issuance of short, medium or long-term simple negotiable obligations (non-convertible into shares) for a maximum amount of up to US$ 800,000,000 (or its equivalent in other currencies or units of value).
The Class XX Notes, maturing on 20 July 2025, will accrue interest at a fixed rate of 4.50% nominal annual interest and will repay 100% of the principal in a single payment on their maturity date.
In addition, the Class XX Notes have been admitted for listing on the Argentine Stock Exchange and Markets and authorised for trading on the Electronic Open Market. On 24 May, Moody’s Local AR Risk Rating Agent and FIX SCR Risk Rating Agent (Fitch Ratings Affiliate) rated the Class XX Notes as “AAA.ar” with a “stable” outlook.
In this last issue, Banco BBVA Argentina, Banco Macro, and Macro Securities acted as underwriters. Florencia Hardoy and Rosario Maffrand acted as in-house counsels to Vista.
Bruchou’s team was led by partner José María Bazán (pictured left), with the participation of Ramón Augusto Poliche, Josefina Mortola Saiach and Branko Serventich.
Beccar Varela’s team consisted of partner Luciana Denegri (pictured right), and lawyers María Inés Cappelletti and María Belén Tschudy.
