DLA Piper and TCA in new issue of Edenor Notes
DLA Piper Argentina has advised Empresa Distribuidora y Comercializadora Norte (Edenor), and Tanoira Cassagne Abogados has advised the underwriters, in the issuance of the Class 5 and 6 Notes.
The issue took place on 5 August, where the Class 5 Notes were issued in US dollars and/or in kind through the delivery of Class 2 Negotiable Obligations, denominated and payable in US dollars, at a fixed annual nominal rate of 9.50%, with interest payments to be made semi-annually, for a nominal value of US$ 81,920,187. 920,187; and the Class 6 Notes were denominated and payable in Pesos, at a variable interest rate corresponding to the sum of the Private Badlar Rate and a margin of 7.00%, and provide for the payment of interest on a quarterly basis for a nominal amount of $17,313,352,309.
Balanz Capital Valores, and Global Valores acted as placement agents and arrangers; while Industrial and Commercial Bank of China (Argentina), Banco Mariva, Banco de Servicios y Transacciones, Invertir en Bolsa, SBS Trading, Adcap Securities Argentina, Banco Supervielle, PP Inversiones, Bull Market Brokers, Invertironline, Inviu, Provincia Bursátil and Banco de la Provincia de Buenos Aires acted as placement agents.
The Notes are authorised for listing and trading on the Argentine Stock Exchanges and Markets and on the Electronic Open Market, respectively.
Edenor is the largest electricity distributor in Argentina in terms of number of customers and electricity sold.
Edenor will use all of the net proceeds from the issuance to invest in infrastructure projects, including the development and implementation of the Issuer’s investment plan, which provides for the improvement, expansion and modernisation of its network infrastructure, including new supply, transmission, sub-transmission, distribution and upgrades to high, medium and low voltage networks.
María José Pérez Van Morlegan, Federico Ponelli and Sabrina Belén Hernández acted as in-house lawyers to Edenor.
DLA Piper’s team consisted of managing partner Marcelo Etchebarne (pictured left), partner Alejandro Noblia (pictured centre, left), and associates Federico Vieyra and Marcelo Ra.
TCA’s team comprised partners Alexia Rosenthal (pictured centre), Jaime Uranga (pictured centre, right) and Ignacio Criado Diaz (pictured right), and associates Lucía Viboud Aramendi, Teófilo Trusso and Juan Francisco Tineo.
