Perez Alati Grondona Benites & Arntsen and Bomchil have advised on the subscription of negotiable bonds convertible into shares of PBBPolisur and Dow Investment Argentina (Dow), Argentinean subsidiaries of The Dow Chemical Company, for a capital amount of US$200 million, issued through private placement by Compañía General de Combustibles (CGC).
Dow was advised by PAGBAM, while CGC was advised by Bomchil.
The Convertible Notes are denominated in US dollars, and were subscribed and will be payable in Argentine peso equivalents. They may also be converted, at Dow’s option, into Class “C” common shares which, to the extent they represent more than 10% of CGC’s capital stock and votes, will allow Dow to appoint one director and one alternate director; may be redeemed early by CGC on the second anniversary of their issuance; will not accrue compensatory interest; and will be redeemable in a single installment due on July 11, 2028.
The amount will be used by CGC to refinance financial liabilities, including the early redemption in full of the Class 22, 24, 26 and 29 unsecured unsecured non-convertible debentures.
Josefina Tobías and Ana Rivarola acted as in-house lawyers for Dow, while Emilio Daneri and Esperanza del Río acted as in-house lawyers for CGC.
PAGBAM’s team included partner Diego Serrano Redonnet (pictured left) and associates Juan Ignacio Dighero, Mora Mangiaterra Pizarro and Tamara Friedenberger. In addition, they were supported by partners Francisco Javier Romano (energy), Luis Barry (antitrust) and Facundo Fernández Santos (tax), counsels Estefanía Balduzzi (corporate) and Clara Rodríguez Llanos (antitrust), and associates Florencia González Klebs (tax) and Lucia Daniela Campos (corporate).
Bomchil’s team was led by partners Fermín Caride (pictured centre) and Florencia Pagani (pictured right), and associates María Victoria Tuculet, Luciano Zanutto, Yazmín Sophie Tek and Tomás Martin. With the support, in their specialities, of Rafael Manóvil (Of-counsel – corporate) and Marcelo Den Toom (partner – antitrust).