Roberto Lizondo, Pablo Fdz Pujadas and José Mará Bazán

Bruchou and Salaverri advise on financing of Maranzana thermal power plant by GEMSA

Bruchou Fernández Madero & Lombardi advised the arrangers and underwriters, while Salaverri Burgio & Wetzler Malbrán advised Generación Mediterránea (GEMSA) on its issuance of limited recourse notes to finance an expansion of the Maranzana thermal power plant.

This is the second Project Bond issued by GEMSA, obtaining financing in the local capital market for $125,000,000 USD.

Thanks to this operation, the Maranzana thermal power plant will add 121 MW of new capacity.

In order to incur the financing, GEMSA carried out a consent solicitation procedure addressed to the holders of the class II notes co-issued with Central Térmica Roca S.A., another company belonging to the Albanesi Group, on 5 August 2019 for a total amount of $80,000,000 USD.

In addition, GEMSA successfully completed the placement and issuance of the Class XVII, XVIII and Class XIX Notes, issued under the Global Program for the Issuance of Simple Notes up to $400,000,000 USD, which will have limited and exclusive recourse under the terms of article 3 of the Negotiable Notes Law and will be secured by a guarantee and payment trust, with a pledge on certain of the Notes, as well as a pledge on certain of the Notes.

SBS Capital, Banco de Servicios y Transacciones and Banco de Valores acted as arrangers; Banco de Servicios y Transacciones, SBS Trading, Banco de Valores, Adcap Securities Argentina, Banco de la Provincia de Buenos Aires, Macro Securities, Facimex Valores, BACS de Crédito y Securitización, Banco Hipotecario, Balanz Capital Valores, Banco Supervielle, Supervielle Agente de Negociación and Nación Bursátil acted as placement agents.

Salaverri advised GEMSA on the consent solicitation proceedings and the issuance of the Notes in Argentina, while Simpson Thacher & Bartlett LLP acted as in-house counsel for the consent solicitation proceedings in New York.

Fabiana Lopez Leon, Claudio Gastón Mayorca and María Mercedes Cabello acted as in-house counsel to GEMSA.

Simpson Thacher & Bartlett LLP’s team included partner Juan Francisco Méndez and associates Antonio Ribichini and Jon Vicuña.

Salaverri’s team comprised partners Roberto Lizondo (pictured left) and Pablo Fernández Pujadas (pictured centre), and associates Josefina Ryberg, Guido Aiassa, Delfina Meccia, Camila Mindlin and Carolina Colombo.

Bruchou’s team was led by partner José María Bazán (pictured right), supported by associates Leandro Exequiel Belusci, Lucila Dorado and Josefina Mortola Saiach.

L Giselle Estrada

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