Cleary Gottlieb advises on Capex exchange offer
Cleary Gottlieb represented Citigroup Global Markets Inc. and Santander US Capital Markets LLC, as dealer managers, in Capex’s offer to exchange any and all of its outstanding 6.875% notes due 2024 for newly issued 9.250% notes due 2028 and certain cash consideration, as applicable.
The exchange offer launched on July 24, 2023, expired on August 18, 2023, and settled on August 25, 2023.
At settlement, Capex issued $188.8 million aggregate principal amount of new notes and paid $15.85 million in cash as total consideration for existing notes validly tendered into the exchange offer. Participation in the exchange offer amounted to $197.39 million in aggregate principal amount of the 6.875% notes due 2024, representing 82.65% of the aggregate principal amount of notes outstanding.
Capex is an Argentine integrated energy company engaged in thermal electric and renewable power generation and in hydrocarbon exploration and production.
Counsel to Capex S.A.
Salaverri, Burgio & Wetzler Malbrán acted as local legal counsel through its team led by partner Roberto Lizondo and associates Josefina Ryberg, Natalia Ostropolsky, Delfina Meccia, Santiago Linares Luque and Jorge Chiro Tarrab.
Linklaters LLP acted as New York legal counsel through its team led by partner Conrado Tenaglia, counsel Alejandro Gordano and associates Madeleine Blehaut, Juan Mata, Monica Perez-Banuet Farell and Mario Lercari.
In-House Counsel to Capex S.A.
Capex was advised by its in-house legal team led by Norberto Larrosa and Nicolás Buhler, and its in-house financial team led by Matías Salerno, Leonardo D´Alessandro, Gabriela Mercorelli and Claudio Armada.
Counsel to the Dealer Managers and the Local Placement Agents
Bruchou & Funes de Rioja acted as local legal counsel through its team led by partner Alejandro G. Perelsztein and associates Leandro Belusci, Josefina Mortola Saiach and Sofia Maselli.
Cleary Gottlieb Steen & Hamilton LLP acted as New York legal counsel through its team led by partner Juan Giráldez (pictured), associates Ignacio Lagos and Rodrigo López Lapeña, and international lawyer Juan Ignacio Leguízamo. Counsel Matt Brigham and associates Adriana de Bartolo and Kathy Zhang advised on tax matters. All lawyers are based in New York except Juan Giráldez who is based in Sao Paulo.
