Marval and TCA in new issue of Edenor Notes
Marval O’Farrell Mairal has advised Empresa Distribuidora y Comercializadora Norte (Edenor), and Tanoira Cassagne Abogados has advised the underwriters, in the issuance of the class 3 and 4 Notes, dated 7 March.
The Class 3 Notes were issued in cash 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 9.75%, with interest payments semi-annually, for a nominal value of USD $95,762,688. 762,688; while the Class 4 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 5 %, and provide for the payment of interest quarterly for a nominal amount of ARS $3,577,350,656.
Balanz Capital Valores, Global Valores and Industrial and Commercial Bank of China (Argentina) acted as underwriters and arrangers; and Banco Mariva, SBS Trading, Invertir en Bolsa, Macro Securities, Adcap Securities Argentina, Cocos Capital, PP Inversiones, Invertironline, Bull Market Brokers, and Inviu acted as underwriters.
The Notes are authorised for listing and trading on the Argentine Stock Exchange and the Electronic Open Market, respectively.
Edenor, the largest electricity distributor in Argentina in terms of number of customers and electricity sold, will use the total 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.
María José Pérez Van Morlegan, Federico Ponelli and Sabrina Belén Hernández acted as in-house counsels to Edenor.
In-house advisors to the underwriters were: Sonia Lannutti for Industrial and Commercial Bank of China (Argentina); María Eugenia Ataefe for Banco Mariva; Catalina Menéndez for SBS Trading; Rodrigo Covello and Valeria Lopez Marti for Macro Securities; Rosario Guevara Lynch and Paloma Rousset for PP Inversiones; and Rodolfo Christophersen for Inviu.
Marval’s team was comprised of partners Javier Etcheverry Boneo (pictured bottom left), Sergio Tálamo (pictured bottom right) and associates Martín I. Lanús and Francisco Vignati Otamendi.
TCA’s team included partners Alexia Rosenthal (pictured top left), Jaime Uranga (pictured top centre) and Ignacio Criado Diaz (pictured top right), and associates Lucía Viboud Aramendi, Teófilo Trusso and Juan Francisco Tineo.
