Bruchou and TCA counsel on issue of Oldelval’s Additional Notes
Bruchou & Funes de Rioja has advised Oleoductos de Valle (Oldelval), and Tanoira Cassagne Abogados has advised the underwriters, in the placement of the Additional Class 3 Notes for a nominal amount of US$50,000, additional to the Class 3 Notes originally issued by the Company on 10 July 2023 at a fixed rate of 0.00%, maturing on 10 July 2027.
The proceeds of the placement will be used mostly to partially finance infrastructure works, mainly related to the Duplicar Project, which consists of a project to expand 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 completed, to 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, Banco de Galicia y Buenos Aires, Industrial and Commercial Bank of China (Argentina), Balanz Capital Valores, Allaria, Banco Comafi, Max Capital and Banco Patagonia acted as underwriters.
Bruchou’s team was led by partner José María Bazán (pictured left), with support from associates Leandro Belusci, Josefina Mortola Saiach and Sofía Maselli.
TCA’s team included partners Alexia Rosenthal (pictured centre) and Jaime Uranga (pictured right), and associates Lucia Viboud Aramendi, Carolina Mercero and Alejo Medici Raymundi.
