Four firms convene for Argentine solar financing

White & Case LLP’s Miami office and Argentina’s Martínez de Hoz & Rueda have helped French renewables company Neoen obtain a US$234 million loan for two solar projects.

DEG, The Interact Climate Change Facility, KfW, Proparco and Société Générale turned to Clifford Chance LLP‘s Washington, DC, Frankfurt, London and Paris offices and Argentine firm Bruchou, Fernández Madero & Lombardi.

Reed Smith LLP in London and Argentina’s Tanoira Cassagne Abogados advised Citibank as trustee and collateral agent.

The financing closed on 17 May.

One tranche is covered by a US$76 million guarantee from the World Bank, while another is covered by a buyer credit guarantee from Bpifrance Assurance Export, the first time it has granted one to an Argentine transaction.

Neoen won the Altiplano and La Puna projects, located in the northwest of Argentina, in the country’s RenovAr 1 and RenovAr 2 auctions. They have a combined output of 208 megawatts.

The two projects will sell their output to domestic grid operator Cammesa under a 20-year power purchase agreement.

Counsel to Neoen

In-house counsel – Juan Cristóbal Paris

White & Case LLP

Partners Carlos Viana and Jeannine Acevedo, and associates Ana Arias and Chris Bergan in Miami

Martínez de Hoz & Rueda

Partners Jimena Vega Olmos, Juan Cruz Azzarri and Maximiliano Batista, and associates Sofía Leggiero, Belén Tokatlian and Tomás Dellepiane in Buenos Aires

Counsel to the lenders

In-house counsel to DEG – Astrid Rohr

In-house counsel to KfW – Alejandro Garrido

In-house counsel to Proparco – Javier Zapatero-Campo

In-house counsel to Société Générale – Clémence Jafari

Clifford Chance LLP

Partner Fabricio Longhin, and associates Patricio Abal, Greg Jehle and Pablo Fekete in Washington, DC; partner Christof Häfner and associate Yan Ma in Frankfurt; associates Ed Bretherton, André de Sousa Vieira, William Adams and Da Kyung Kwon in London; and partner Delphine Siino Courtin and counsel Sophie Guilhem-Ducléon in Paris

Bruchou, Fernández Madero & Lombardi

Partner Alejandro Perelsztein and Ignacio Minorini Lima, and associates Andrés Chester, Emilio Díaz Reynolds, Facundo Sainato, Eliana Hougassian, Sofía Arroyo Bajda, Micaela Saieg, Pablo Muir, Cecilia Tononi, Eliana Vinocur and Cecilia Calosso in Buenos Aires

Counsel to Citibanka

In-house counsel – Carlos Vassallo and Cecilia Díaz Llamosas

Reed Smith LLP

Partner Ranajoy Basu and associates Anthony Riddle and Erika Kolb in London

Tanoira Cassagne Abogados

Partner Alexia Rosenthal and associates Ignacio Criado Díaz and Carolina Demarco in Buenos Aires


International firms on the rise in LatAm equity markets round up

The number of international law firms involved in Latin America equity capital markets transactions increased significantly in January and February compared to the two previous months, according to Latin Lawyer’s latest research.

There were just five equity capital markets deals submitted to Latin Lawyer over the two-month period. Seven international law firms and eight local outfits helped companies raise US$1.6 billion. This is down from the two last months of 2018, when Latin Lawyer recorded 17 equity offerings, worth US$2.2 billion. Those offerings drew counsel from 15 local firms and only two international players.

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Argentine firms lead Spanish-speaking debt markets round up

Argentine firms have recorded the highest number of debt capital markets deals in January and February, making them the busiest players in Spanish-speaking Latin America for four consecutive months.

Latin Lawyer recorded 31 debt transactions outside Brazil, involving 21 local law firms and nine international outfits in January and February. The deals’combined value was US$10.2 billion.

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Tanoira Cassagne advises on debt issuance of Catalinas Cooperativa de Crédito, Consumo y Vivienda

Tanoira Cassagne Abogados advised Catalinas Cooperativa de Crédito, Consumo y Vivienda Ltda., as issuer, Max Valores S.A., as organizer and placement agent, and Banco Supervielle S.A., as placement agent on Catalinas Cooperativa de Crédito, Consumo y Vivienda Ltda. issuance of Short Term Notes due 2020 for an amount of $23,097,332.

The Short Term Notes are peso denominated variable rate notes, due on April 2020 and bearing an annual nominal interest of BADLAR rate plus a margin of 12%. The Short Term Notes were issued on April 12, 2019.

Catalinas Cooperativa de Crédito, Consumo y Vivienda Ltda. is a credit cooperative which main activity is the granting of loans to associated companies, mainly small and medium size enterprises, for the financing of their capital
expenditures. The company will apply the net cash proceeds of this offering for capital expenditures.

Counsel of the Transaction: Tanoira Cassagne Abogados. Partners Alexia Rosenthal and Jaime Uranga and associates Juan Sanguinetti and Belén Azimonti.

Rafael Algorta and Santiago Monti have participated in the Mergers and Acquisitions in Latin America Conference 2019

Rafael Algorta and Santiago Monti have participated in the Mergers and Acquisitions in Latin America Conference 2019, of the International Bar Association, in Santiago, Chile.


Tanoira Cassagne Abogados – Latin Lawyer 13th annual Deal of the Year Awards

Tanoira Cassagne Abogados has been selected in two categories (Capital markets and Restructuring) of Latin Lawyer 13th annual Deal of the Year Awards.

Capital markets

MSU Energy debt issuance

Counsel to Citibank

· Tanoira Cassagne Abogados

· In-house counsel – Cecilia Díaz Llamosas and Carlos Vasallo

· Alston & Bird LLP

Counsel to MSU Energy

· In-house counsel – Ezequiel Abal

· Simpson, Thacher & Bartlett LLP

· Tavarone, Rovelli, Salim & Miani

Counsel to JP Morgan, Citigroup Global Markets and Itau BBA

· Skadden, Arps, Slate, Meagher & Flom LLP

· Bruchou Fernández Madero & Lombardi

Counsel to Industrial and Commercial Bank of China (Argentina), Banco de Galicia y Buenos Aires, Banco Hipotecario, BACS Banco de Crédito y Securitización, Banco Macro, Macro Securities, BAF Securities and Banco Itaú Argentina

· Bruchou Fernández Madero & Lombardi


Argentina’s Industrias Metalúrgicas Pescarmona restructures billion-dollar debt

Counsel to Banco Comafi

· Tanoira Cassagne Abogados

Counsel to Industrias Metalúrgicas Pescarmona (IMPSA)

· In-house counsel – Hernán Iglesias and Rosario Díaz Súnico

· Cleary Gottlieb Steen & Hamilton LLP

· MHR | Martínez de Hoz & Rueda

Counsel to Creditors’ Committee

· Clifford Chance LLP

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Three Argentine firms in wind farm project finance

Beccar Varela in Buenos Aires has helped French renewable energy group Total Eren obtain project finance worth US$104 million for its Malaspina wind farm.

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