Marval O’Farrell Mairal, Martínez de Hoz & Rueda, Naveira-Truffat-Martínez-Ferrari-Mallo (NTMA Abogados) and MBP Partners Abogados advised on the issuance of securities of “Aguada del Chivato/Aguada Bocarey” financial trust for a total of U$S 21,000,000. The securities were issued on December 27, 2021, including debt securities for U$S 20,195,368.
Medanito S.A. acted as Settlor, Banco de Valores S.A. as Trustee and Administrator and Issuer and Puente Hnos. S.A. as Exchange and Settlement Agent and Administrator. On December 17, 2021, the transaction was authorized for public offering by the Argentine Securities and Exchange Commission. The securities will be listed and traded in Bolsas y Mercados Argentinos S.A. and will be traded in Mercado Abierto Electrónico S.A.
This transaction is part of the restructuring process of Medanito S.A.'s financial liabilities, which began more than one year ago. This is a totally new investment and financing product in the local market. By integrating the debt securities in kind with outstanding notes duly issued by Medanito, the transaction represents, in economic terms, the first case in Argentina of an exchange of notes for debt securities with public offering.
To guarantee the issuance of the debt securities, Medanito, as Settlor, assigned up to 25% of the economic rights (net of Value Added Tax) derived from present and future sales of oil and gas associated with the hydrocarbon exploitation area “Aguada del Chivato - Aguada Bocarey” in the Province of Neuquén.
This was possible thanks to the collaboration of the Argentine Securities and Exchange Commission and the work carried out jointly to overcome the challenge of this unusual structure.
Legal advisors to the Trustee
Marval O’Farrell Mairal acted as legal advisor to the Trustee, through a team led by partner Roberto E. Silva, Jr, assisted by the associates Martín Lanús (currently working as foreign associate in the United States) and Cecilia Ramos.
Legal advisors to the Exchange and Settlement Agent
Martínez de Hoz & Rueda acted as legal advisor to the Exchange and Settlement Agent, through a team led by partner Jose Martínez de Hoz (the third), assisted by the associates Sofia Leggiero and Luisina Luchini.
Puente’s internal legal advisors
Marcelo Barreyro, Hernán Da Silva and Tomás González Sabathie.
Legal advisors to the Settlor
Naveira-Truffat-Martínez-Ferrari-Mallo (NTMA Abogados) acted as legal co-advisor to the Settlor, through a team led by partner Agustin Ferrari assisted by associate Astrid Nottebohm. MBP Partners Abogados acted as legal co-advisor to the Settlor, through a team led by partners Victoria Bengochea and Ignacio Meggiolaro assisted by associate Martin Montes de Oca.