DLA Piper and TCA assist in new issue of Edenor Notes
DLA Piper Argentina has assisted Empresa Distribuidora y Comercializadora Norte (Edenor), and Tanoira Cassagne Abogados as underwriters, in the placement of the Additional Class 4 Notes.
The additional Class 4 Notes denominated, integrated and payable in pesos at a variable rate corresponding to the sum of the Private Badlar Rate and a 3% margin, maturing on 7 March 2025 for an amount of $20,820,938,705, were issued under the Global Programme for the Issuance of Simple Negotiable Obligations (not convertible into shares) for a nominal value of up to USD $750,000,000 (or its equivalent in other currencies).
The Notes will be additional to the class 4 Notes previously issued by Edenor on March 7, having identical terms and conditions in all respects, except for the issue date and issue price. Thus, they are fungible with each other and constitute a single class of debt securities.
The Notes were issued on 27 March 2024 and will pay interest quarterly, the first date being 7 June 2024.
Edenor will use all of the net proceeds from the issue to invest in infrastructure projects that qualify as investments in Regulatory Capital Assets, including the development and implementation of the Issuer’s investment plan, which it is required to carry out under the current regulatory framework.
Global Valores, Balanz Capital Valores, Industrial and Commercial Bank of China (Argentina) and Banco de Servicios y Transacciones acted as underwriters and arrangers; while SBS Trading, Banco Supervielle, Invertir en Bolsa, Puente Hnos, Macro Securities, Adcap Securities Argentina, Cocos Capital and Banco de la Provincia de Buenos Aires acted as underwriters.
Edenor is the largest electricity distributor in Argentina in terms of number of customers and electricity sold.
Quantum Finanzas and Apeiron Capital Markets acted as financial advisors, being internally advised by Juan Bruno and Juan Martin Ormachea, and by Tomas Rozemberg, respectively.
María José Pérez Van Morlegan, Federico Ponelli and Sabrina Belén Hernández acted as in-house legal advisors to Edenor.
In-house counsel to the underwriters were Ana Vea Murguía and Melina Lozano for Banco de Servicios y Transacciones; Sonia Lannutti for Industrial and Commercial Bank of China (Argentina); Catalina Menéndez for SBS Trading; Hernan Da Silva, Tomas Gonzalez Sabathie and Roxana Bravo for Puente Hnos; and Rodrigo Covello and Valeria Lopez Marti for Macro Securities.
DLA Piper’s team included partner Alejandro Noblia (pictured left) and associates Federico Vieyra and Marcelo Ra.
TCA’s team was led by partners Alexia Rosenthal (pictured centre, left), Jaime Uranga (pictured centre, right) and Ignacio Criado Díaz (pictured right), with support from associates Lucía Viboud Aramendi, Teófilo Trusso and Juan Francisco Tineo.
