Bruchou and TCA advise on first Oleoductos del Valle issue
Bruchou & Funes de Rioja has advised Oleoductos del Valle, and Tanoira Cassagne the arranger and underwriters, in the entry to the CNV’s Public Offering Regime and in the creation of the Programme for the issuance of short, medium or long term simple negotiable obligations (not convertible into shares) for a maximum amount of up to US$500,000,000 (or its equivalent in other currencies or units of value).
In addition, the transaction involved the inaugural placement of Class 1 Negotiable Obligations for a nominal value of US$50,000,000, with a rate of 0.00%, maturing on 18 April 2026 and with an oversubscription of approximately 116 times the maximum issue amount.
The proceeds of the placement will be used to partially finance infrastructure works, mainly related to the Duplicar Project, which consists of an expansion of Oldelval’s transportation capacity that includes: (i) the laying of approximately 525 km of pipelines along Rio Negro, La Pampa and Buenos Aires; (ii) the repowering of pumping stations; and (iii) the replacement of pipelines in the Bahía Blanca area. This will allow, once the work is completed, to increase the country’s oil exports by approximately 180,000 to 250,000 barrels/day.
Banco de Galicia y Buenos Aires acted as arranger and underwriter; while Industrial and Commercial Bank of China (Argentina), Banco Santander Argentina, Max Capital, Macro Securities, and Balanz Capital Valores acted as underwriters.
Oleoductos del Valle is a local company engaged in the midstream segment.
Bruchou’s team was led by partner José María Bazán (pictured left), with support from associates Leandro Belusci, Josefina Mortola Saiach, Branko Serventich, and Sofía Maselli.
TCA’s team consisted of partners Alexia Rosenthal (pictured centre) and Jaime Uranga (pictured right) and associates Ignacio Criado Diaz, Lucia Viboud Aramendi, Carolina Mercero and Alejo Medici Raymundi.
