Tanoira Cassagne guides Neuquén Province treasury notes issuance

Argentinian law firm Tanoira Cassagne Abogados has guided the issuance and exchange of medium-term secured treasury notes by Neuquén Province.

The province successfully issued Series I Class 1 Treasury Notes maturing on April 7, 2021, with a nominal annual variable rate equivalent to the Badlar rate plus a margin of 6.50 per cent, for a total aggregate amount of 1.57 billion pesos ($21.8 million), in addition to Series I Class 2 Treasury Notes maturing on October 7, 2021, with a fixed rate of 3.00 per cent annual nominal, for a total aggregate amount of $17,824,528 and Series I Class 3 Treasury Notes maturing on January 7, 2023, with a fixed rate of 4.00 per cent nominal annual, for a total amount of $30,305,685.

Treasury Notes Series I were subscribed in cash and/or through the exchange of certain short and medium term Treasury Notes of the Province.

The Class 1 Treasury Notes y Class 2 Treasury Notes are secured with the assignment of funds under the Federal Tax Co-Participation Regime paid to the Province and the Class 3 Treasury Notes are secured with the assignment of certain oil royalties and extraordinary production royalties paid to the Province by certain oil concessionaries.

Banco Provincia del Neuquén acted as principal arranger and placement agent and collateral agent; Banco de Galicia y Buenos Aires and Banco Macro acted as joint arrangers; and Banco de Galicia y Buenos Aires, Macro Securities, AdCap Securities Argentina, Banco Patagonia, Balanz Capital Valores, Banco de Servicios y Transacciones and Compañía Financiera Argentina acted as joint placement agents.

Tanoira Cassagne Abogados advised the issuer, through a team led by partners Alexia Rosenthal (pictured) and Jaime Uranga and associates Juan Sanguinetti and Carolina Demarco.