Bruchou in first MilAires trust issuance
Bruchou & Funes de Rioja has advised ECIPSA Group and TMF Trust Company (Argentina) in the inaugural issuance of trust debt securities guaranteed under the ‘MilAires’ Individual Financial Trust.
The firm acted as deal counsel in the inaugural issue and placement by public offering in Argentina of trust debt securities guaranteed for a nominal value of 24,100,000 UVA, at a fixed rate of 7% nominal annual, which has a system of fixed and variable amortisations, which can be deferred, giving the trust structure greater flexibility.
The trust assets assigned to the Trust are the sale and purchase agreements entered into by the trustor under the real estate development ‘MilAires’, which is developed by the ECIPSA Group and is located in the Devoto neighbourhood of the Autonomous City of Buenos Aires.
TMF Trust Company (Argentina) participated as trustee; Fideicomiso Inmobiliario Naasé as trustee; ECIPSA Holding as guarantor; Balanz Capital Valores, as arranger and underwriter; and Banco Supervielle and Banco de la Ciudad de Buenos Aires as underwriters.
The obligations of the Trustee under the Trust are jointly and severally guaranteed by ECIPSA Holding, which, in turn, has issued promissory notes in favour of the Trust.
The National Securities Commission (CNV) authorized the public offering of the Trust Securities on December 16, 2024 and the Trust Securities were issued on December 26, 2024 and were admitted for listing and trading in the Electronic Open Market and in the Argentine Stock Exchanges and Markets.
In addition, on 9 September 2024 the Trust issued initial trust securities without public offering for a nominal value of 18,500,000 UVA, which were delivered in kind to subscribe for part of the Trust Securities.
The ECIPSA Group is a holding company comprising developers and trustees in the real estate market, with a presence in six countries. With more than 45 years of experience, it has more than 100 consolidated projects, more than 13,500 units delivered and more than 2,000 hectares developed.
Germán González and Sandra Alvarez acted as in-house lawyers for ECIPSA Group. Leonardo Pirolo, Tomás Bruno and Rosario Tapia acted as in-house counsels to TMF Trust Company (Argentina).
Bruchou’s team was led by partner José María Bazán (pictured), with support from associates Leandro Exequiel Belusci, Quimey Lía Waisten, Sofía Maselli and Branko Serventich.
