TCA Tanoira Cassagne and Bomchil advised on the financing to Sidersa Acería Sucursal Dedicada Especial granted by ICBC for an amount of up to US$100,000,000 under the “Régimen de Incentivo para Grandes Inversiones (RIGI)”
Under the “Régimen de Incentivo para Grandes Inversiones (“RIGI”), TCA Tanoira Cassagne advised Sidersa Acería Sucursal Dedicada Especial (“Sidersa Acería S.D.E.”), as borrower, and Sidersa S.A., as parent company; and Bomchil advised Industrial and Commercial Bank of China (Argentina) S.A.U. (“ICBC”), as lender, on the structuring of a financing for up to US$100,000,000.
This transaction represents one of the most significant deals in the Argentine steel industry and in the productive structure of the region, within the framework of the adherence of the branch Sidersa Acería S.D.E. to the RIGI, through the “Proyecto Siderúrgico Argentino Sidersa” (the “Project”).
Sidersa Acería S.D.E. was registered as a Single Project Vehicle (SPV) under the RIGI, with a theoretical production capacity of 360,000 tons of long steel products per year. The Project will incorporate state-of-the-art technology focused on sustainability, with a plant designed under a circular economy model that will use 99.5% steel scrap as raw material.
Proceeds from the financing will be used to carry out industrial activities under the RIGI and to finance the importation of goods required for the development of the Project.
Legal counsel to Sidersa Acería Sucursal Dedicada Especial and Sidersa S.A: TCA Tanoira Cassagne through a team led by Partners: Alexia Rosenthal and Ignacio Criado Diaz; and Associates: Juan Manuel Simó and Stefania Lo Valvo.
Legal counsel to ICBC.: Bomchil through a team led by Partners: Fermín Caride and María Victoria Tuculet; and Associates: Juan María Luchetti and Francisco Diskin.
In-house legal counsel to ICBC: Tomás Eduardo Koch, Sonia Lannutti and Juan Cruz González Groppo.