Bruchou and TCA act in Oldelval Notes issue
Bruchou & Funes de Rioja has advised Oleoductos de Valle (Oldelval), and Tanoira Cassagne Abogados the arranger and underwriters, in the placement of the Additional Class 1 Notes and the Class 2 Notes.
The Additional Class 1 Notes were issued for a nominal amount of US$21,160,980, additional to the Class 1 Notes originally issued on 18 April 2023, at a fixed rate of 0.00% maturing on 18 April 2026 and at a price above par of 121.5%. The Class 2 Notes were issued for a nominal amount of US$43,324,070 at a fixed rate of 1.00%, maturing on 9 June 2028.
The proceeds of the placement will be used mostly to partially finance infrastructure works, mainly related to the Duplicar Project, which consists of an expansion of Oldelval’s transportation capacity that includes the laying of approximately 525 km of pipelines along Rio Negro, La Pampa and Buenos Aires; as well as the upgrading of pumping stations; and the replacement of pipelines in the Bahía Blanca area. Once completed, this will increase the country’s oil exports by approximately 180,000 to 250,000 barrels/day.
Macro Securities acted as arranger and underwriter, while Banco Santander Argentina, Balanz Capital Valores, Banco de Galicia y Buenos Aires, Industrial and Commercial Bank of China (Argentina) and Allaria acted as underwriters.
Bruchou’s team consisted of partner José María Bazán (pictured left) and associates Leandro Belusci, Josefina Mortola Saiach and Sofía Maselli.
TCA’s team was led by partners Alexia Rosenthal (pictured centre) and Jaime Uranga (pictured right), assisted by associates Ignacio Criado Diaz, Lucia Viboud Aramendi, Carolina Mercero and Alejo Medici Raymundi.
