Argentina’s Grupo Albanesi carries out bond exchange

The exchange offer and consent solicitation closed on August 30, 2024, and was one of the largest exchanges ever carried out on Argentine capital markets, considering the number of instruments involved.

As part of this transaction, $325.8 million of the total principal amount of $403.4 million, corresponding to 22 classes of bonds maturing between 2024 and 2026, were voluntarily exchanged for eight new classes of bonds maturing between 2027 and 2028, representing an 81% participation in the exchange.

Simultaneously, Grupo Albanesi obtained additional financing for $11.4 million through the cash integration of the new bonds.  In addition, GEMSA-CTR and AESA, making use of collective action clauses, requested the consent of the holders of their existing notes to modify certain terms and conditions of suc issues, including interest rate and payment dates, so that they are equivalent to the terms and conditions of the new issues.

Caja de Valores acted as swap agent and consent solicitation agent.

Banco de Servicios y Transacciones, Balanz Capital Valores and SBS Capital acted as arrangers, and Banco de Servicios y Transacciones acted as settlement agent.

SBS Trading, Banco de Servicios y Transacciones, Balanz Capital Valores, Facimex Valores, Puente Hnos. and Banco Supervielle acted as placement agents.

Grupo Albanesi was advised on the transaction by law firm Tavarone, Rovelli, Salim & Miani, while the arrangers and underwriters were advised by Bruchou & Funes de Rioja.

Tavarone, Rovelli, Salim & Miani’s team advising Generación Mediterránea, Central Térmica Roca  and Albanesi Energía was led by partner Francisco Molina Portela, with associates Ximena Sumaria, Agustín Ponti, Nicolás De Palma and Maria Clara Pancotto.

Generación Mediterránea, Central Térmica Roca and Albanesi Energía were also advised by in-house lawyer María Mercedes Cabello.

Bruchou & Funes de Rioja’s team advising the arrangers and underwriters was led by partner José María Bazán, with associates Leandro Exequiel Belusci, Quimey Lía Waisten and Lucía De Luca.