DLA Piper and TCA advise on issuance of Edemsa Notes
DLA Piper Argentina has advised Empresa Distribuidora de Electricidad de Mendoza (Edemsa) and Tanoira Cassagne Abogados to the underwriters, in the placement of the Class 1 Notes and the Class 2 Simple Notes.
Edemsa will use the net proceeds from the issuance of the Notes in infrastructure projects, including the development and implementation of the Issuer’s investment plan.
The Notes were issued on May 6, under the framework of the Global Program for the Issuance of Simple Negotiable Obligations (not convertible into shares) for an amount of up to US$80,000,000 par value (or its equivalent in other currencies and/or units of value or measurement), and will pay interest quarterly, the first date being August 6, 2024.
The Class 1 Notes, denominated in UVA, to be subscribed and paid in Pesos at the Initial UVA Value and payable in Pesos at the applicable UVA Value, at a fixed interest rate of 5%, will mature on 6 May 2026 for UVA 31,928,347 (equivalent to $28,431,873,720.03 at the Initial UVA Value). The Class 2 Simple Notes denominated, to be subscribed, integrated and payable in Pesos at a variable interest rate corresponding to the sum of the Private Badlar Rate plus a 7% margin will mature on 6 May 2025 for $6,607,014,279.
Global Valores, Balanz Capital Valores, Banco Supervielle and Adcap Securities Argentina acted as underwriters and arrangers; while Banco de Servicios y Transacciones, Max Capital, Banco Mariva, Invertir en Bolsa, Puente Hnos, Macro Securities, Provincia Bursátil, and Invertironline acted as underwriters. Quantum Finanzas acted as financial advisor.
In-house counsels participating in the transaction were Andrés Aruani for Edemsa; Ana Vea Murguía and Melina Lozano for Banco de Servicios y Transacciones; María Eugenia Ataefe for Banco Mariva; Hernan Da Silva, Tomas Gonzalez Sabathie and Roxana Bravo for Puente Hnos; and Rodrigo Covello and Valeria Lopez Marti for Macro Securities. Juan Bruno and Juan Martin Ormachea acted as counsel on behalf of Quantum Finanzas.
DLA Piper’s team included partner Alejandro Noblia (pictured left), and associates Federico Vieyra and Marcelo Ra.
TCA’s team comprised partners Alexia Rosenthal (pictured centre, left), Jaime Uranga (pictured centre, right) and Ignacio Criado Díaz (pictured right) and associates Lucía Viboud Aramendi, Teófilo Trusso and Juan Francisco Tineo.
