Francisco Molina Portela, José Bazán and Alexia Rosenthal

Multiple firms counsel on MSU Energy’s Notes issuance and International Consent Solicitation

Multiple firms have counselled on MSU Energy’s issuance of Class VI notes with a face value of US $ 45,593,670, dated 2 November 2022.

The Notes were denominated, integrated and payable in US dollars, with public registration in the country, at a fixed interest rate of 9% nominal per annum, maturing 24 months from the date of issue, under its global programme for the issuance of notes for a maximum outstanding amount of up to US$ 285,000,000 (or its equivalent in other currencies or units of measurement or value).

In addition, the transaction involved a process of consent solicitation from the holders of the US$250,300,000 floating rate secured notes issued by MSU, maturing in 2024, to make certain amendments to the terms and conditions of the Indenture dated 7 May 2020, which were approved at a meeting of the holders on 24 October 2022.

The funds obtained will be used by the company to cancel part of the principal maturities of its International Bond 2024 scheduled for 2023, under the terms of point 3.17.3 of the Foreign Exchange Regulations of the Central Bank of Argentina.

Tavarone Rovelli Salim & Miani (TRSYM) acted as counsel to MSU Energy; Bruchou & Funes de Rioja acted as counsel to the arranger and the underwriters; Tanoira Cassagne Abogados (TCA) acted as legal counsel to Citibank Argentina, in its capacity as trustee and trustee, on behalf of the holders of the 2024 International Bond; Simpson Thacher & Bartlett LLP acted as counsel to MSU Energy in New York; and Alston & Bird LLP acted as legal counsel to Citibank in New York.

Banco Supervielle, Banco Itaú Argentina, Banco Santander Argentina, Banco de Servicios y Transacciones, Banco Mariva, Industrial Valores, Allaria Ledesma & Cía, Balanz Capital Valores, Itaú Valores, Facimex Valores, Puente Hnos, Banco de la Provincia de Buenos Aires, Invertir Online, Global Valores, SBS trading, Nación Bursátil and Banco Piano acted as underwriters.

TRSYM’s team included partner Francisco Molina Portela (pictured left) and associates Fiorella Ascenso Sanabria, Ramiro Catena and Agustín Ponti.

Bruchou’s team was led by partner José María Bazán (pictured centre), with support from associates Leandro Exequiel Belusci, Ramon Augusto Poliche and Facundo Martin Suárez Loñ.

TCA’s team comprised partner Alexia Rosenthal (pictured right) and associate Ignacio Criado Diaz.

Simpson Thacher & Bartlett’s team consisted of partner Juan M. Naveira and associates Antonio Ribichini and Paulina Bracamontes.

Alston & Bird’s team was represented by partner Adam Smith and associate Natalia Souza.

Multiple firms counsel on MSU Energy’s Notes issuance and International Consent Solicitation

L Giselle Estrada

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