Bruchou, Fernández Madero & Lombardi and Tanoira Cassagne Abogados assisted in Petroquímica Comodoro Rivadavia’s liability management transactions

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Bruchou, Fernández Madero & Lombardi and Tanoira Cassagne Abogados assisted in Petroquímica Comodoro Rivadavia’s liability management transactions

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SYNDICATED LOAN

Bruchou Fernández Madero & Lombardi advised Petroquímica Comodoro Rivadavia S.A.  (the “Company”), a leading Argentine company engaged in the exploration and production of hydrocarbons, the generation of renewable energies and the production and distribution of cement, and Tanoira Cassagne Abogados advised Banco de Galicia y Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A. and Banco Santander Río S.A. (the “Lenders”), in the execution of a syndicated loan agreement between the Company, the Lenders, and Banco Santander Río S.A., as administrative agent, for an amount of up to  AR$6,757,530,000, funds which were and will be used to refinance liabilities, working capital and investment in fixed assets. 

Legal counsel to Petroquímica Comodoro Rivadavia S.A.

Bruchou, Fernandez, Madero & Lombardi: Partners José María Bazán and Daniela Rey together with the participation of associates Andrés Chester, Pablo Muir, Sofia Gallo and Maria Cecilia Calosso.

In-house legal counsel to Petroquímica Comodoro Rivadavia S.A.

Mariano Juarez Goñi, Florencia Fridman and Anabela Mengoni.

Legal counsel to the Lenders

Tanoira Cassagne Abogados: Partners Alexia Rosenthal and Jaime Uranga together with the participation of associates Rocío Carrica, Ignacio Criado Díaz, María Belén López Domínguez, Carolina Demarco and Mariana Troncoso.

In-house legal counsel to the Lenders

Banco de Galicia y Buenos Aires S.A.U.: Fernan Pereyra de Olazabal and Patricia Araujo.

Industrial and Commercial Bank of China (Argentina) S.A.: Matías José Filippo and Tomás Eduardo Koch.

Banco Santander Río S.A: Ignacio Manuel Garcia Deibe and Clarisa Prado.

 

EXCHANGE OF NOTES

On January 29, 2021, the Company successfully concluded a liability management transaction which consisted in the issuance of its US$30,119,338 9.00% Series D Notes due on January 29, 2023 (the “Series D Notes“), under the Frequent Issuer Simplified Regime, subscribed in cash and through the exchange of approximately 92.7% of its US$36,962,246 9.00% Series 2 Notes due February 17, 2021, issued under the U$S400,000,000 Notes Issuance Program (Programa de Emisión de Títulos de Deuda) (or its equivalent in other currencies) (the “Series 2 Notes“).The issuance was conducted pursuant to Communication “A” 7106 of the Central Bank of Argentina which established that debtors with scheduled repayments of principal maturing between October 15, 2020 and March 31, 2021 relating, among others, to issuances of foreign-denominated debt securities duly registered in Argentina (as is the case of the Series 2 Notes) shall submit a refinancing plan to the Central Bank of Argentina in line with the criteria described in such rule. 

Bruchou, Fernandez Madero & Lombardi advised Petroquímica Comodoro Rivadavia S.A. and Tanoira Cassagne Abogados advised Banco Itaú Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Banco Santander Río S.A., Allaria Ledesma & Cía. S.A., Balanz Capital Valores S.A.U. and Itaú Valores S.A., as placement agents. 

The Series D Notes are listed on Bolsas y Mercados Argentinos S.A. and are traded on Mercado Abierto Electrónico S.A.

Legal counsel to Petroquímica Comodoro Rivadavia S.A.

Bruchou, Fernandez, Madero & Lombardi: Partner José María Bazán together with the participation of associates Andrés Chester, Facundo Sainato and Josefina Reyes.

In-house legal counsel to Petroquímica Comodoro Rivadavia S.A.

Florencia Fridman, Mariano Juarez Goñi and Anabela Mengoni.

Legal counsel to the Placement Agents

Tanoira Cassagne Abogados: Partners Alexia Rosenthal and Jaime Uranga together with the participation of associates Rocío Carrica, Ignacio Criado Díaz, María Belén López Domínguez, Carolina Demarco and Mariana Troncoso.

In-house legal counsel to the Placement Agents

Banco Itaú Argentina S.A. e Itaú Valores S.A: Leonardo Andrés Micucci.

Banco de Galicia y Buenos Aires S.A.U.: Fernan Pereyra de Olazabal and Patricia Araujo.

Banco BBVA Argentina S.A.: María Gabriela Mancuso and María Dolores Distefano.

Banco Santander Río S.A.: Ignacio Manuel Garcia Deibe.

Allaria Ledesma & Cía. S.A.: Gonzalo Sánchez López.

Balanz Capital Valores S.A.U.: Santiago Giambruni.