DLA Piper and TCA advise on new issue of Edemsa Notes
DLA Piper Argentina has advised Empresa Distribuidora de Electricidad de Mendoza (Edemsa), and Tanoira Cassagne Abogados has advised the underwriters, on the issuance of its Class 3 and Class 4 Notes.
The Class 3 Notes were denominated, integrated and payable in US dollars in the country, at a fixed rate of 8% maturing on 29 November 2027 for USD $16,088,343; and the Class 4 Simple Notes were denominated, integrated and payable in pesos at a floating interest rate corresponding to the sum of the Private Badlar Rate plus a 7% margin maturing on 29 November 2025 for $17,045,539,000.
The Notes were issued on 29 November, under the framework of the Global Programme for the Issuance of Simple Negotiable Obligations (not convertible into shares) for a nominal value of up to US$80,000,000 (or its equivalent in other currencies and/or units of value or measurement). The Class 3 Notes will pay interest semi-annually, the first date being 29 May 2025; and the Class 4 Notes will pay interest quarterly, the first date being 28 February 2025.
Global Valores, Balanz Capital Valores and Banco Supervielle acted as underwriters and arrangers; while Provincia Bursátil, Banco de la Provincia de Buenos Aires, Banco Mariva, Bull Market Brokers, Invertir Online, Invertir en Bolsa, Macro Securities, Adcap Securities Argentina, TPCG Valores and Consultatio Investments acted as underwriters.
Edemsa will use the net proceeds from the issuance of the Notes for infrastructure projects, including, but not limited to, the development and implementation of its investment plan, working capital and general corporate purposes.
Andrés Aruani provided Edemsa with in-house legal advice.
Quantum Finanzas acted as financial advisor with the assistance of Juan Bruno and Juan Martin Ormachea.
DLA Piper Argentina’s team consisted of partner Alejandro Noblia (pictured left), and associates Federico Vieyra and Mariana Carbajo.
TCA’s team included partners Alexia Rosenthal (pictured centre, left), Jaime Uranga (pictured centre, right) and Ignacio Criado Díaz (pictured right) and associates Teófilo Trusso and Juan Francisco Tineo.
