IEB Construcciones S.A. Makes Follow-on
Legal advisors in the offering of 10,000,000 new Class B shares of IEB Construcciones S.A., under the Automatic Authorization Regime for Public Offering of Shares due to its Medium Impact of the Comisión Nacional de Valores.
Invertir en Bolsa S.A. acted as Organizer and Placement Agent, while Bull Market Brokers S.A. and Macro Securities S.A.U. acted as Placement Agents for the New Shares.
Issuance of Public Debt Securities ER 2025 Series II Additional by the Province of Entre Ríos for a total nominal value of ARS 42,959,939,856
Legal advisors to the transaction, assisting the Province of Entre Ríos (the “Province”) and Nuevo Banco de Entre Ríos S.A., in its capacity as organizer and lead placement agent in the issuance of the ER 2025 Series II Additional Public Debt Securities (the “Debt Securities”). The Debt Securities were issued on October 17, 2025, and are secured by resources from the Federal Tax Sharing Regime, assigned to a maximum allocation percentage of 25%. The Debt Securities Series II Additional were issued for a nominal value of ARS 42,959,939,856, at a variable interest rate equivalent to the TAMAR rate plus a 5.50% margin, maturing on January 17, 2027.
Inversora Juramento S.A.’s Series VI Notes for US$ 30,000,000
Legal counsel in the issuance of Inversora Juramento S.A.’s 9.00% Series VI Notes for US$ 30,000,000, due October 3, 2027. The Series VI Notes were issued on October 3, 2025 under the Global Notes Program for an amount of up to US$100,000,000.
Macro Securities S.A.U. acted as arranger, settlement agent and placement agent, and Banco Patagonia S.A., Banco Supervielle S.A., Banco de la Provincia de Buenos Aires, Invertironline S.A.U., Banco CMF S.A., Invertir en Bolsa S.A., Balanz Capital Valores S.A.U. and Banco de Galicia y Buenos Aires S.A. acted as placement agents.
Legal Advice on the Acquisition of Celulosa Argentina S.A.
We advised Esteban Antonio Nofal on the acquisition of Celulosa Argentina S.A. (“Celulosa”), one of Argentina’s leading producers of printing and writing paper, tissue paper, and eucalyptus pulp. Celulosa’s shares have been listed on the Buenos Aires Stock Exchange since 1937.
The transaction involved the acquisition of: (a) 100% of the capital stock and voting rights of Tapebicua LLC, the indirect controlling entity of 41% of Celulosa’s capital stock and voting rights; and (b) all of the direct shares in Celulosa held by the selling shareholders—Douglas Albrecht, Juan Collado, and Juan Manuel Urtubey—representing 4.48% of Celulosa’s capital stock and voting rights.
Closing of the transaction took place on September 19, 2025, the date on which Esteban Antonio Nofal became the indirect controlling shareholder of Celulosa. The acquisition took place just days after Celulosa filed for reorganization proceedings before the courts of San Lorenzo, Province of Santa Fe, as part of a process to restructure approximately US$128 million in outstanding debt.
Our Firm acted as legal counsel to the buyer, with a team led by partners Julian Razumny, Federico Salim, Marcelo Tavarone, and Francisco Molina Portela, along with associates Esteban Bujan, Martín Scapini, Agostina Jordan, Paula Cerizola, Consuelo Ortiz, and Juan Cruz Carenzo.
US$250,000,000 Loan Granted by International Finance Corporation (IFC) to the Province of Córdoba
Legal advisors to the Province of Córdoba in a US$250,000,000 cross-border loan granted by the International Finance Corporation (IFC). The loan is guaranteed by a security trust agreement funded with revenues arising from the Federal Tax Revenue-Sharing Regime (“Régimen de Coparticipación Federal de Impuestos”), under which the Province acts as trustor, Banco Comafi S.A. as trustee, and IFC as beneficiary.
J&F Group debuts in Argentina’s O&G Sector with Pluspetrol Acquisition
Legal Counsel to Flxs OGE S.A. (“Fluxus”), a member of the J&F Group, in the acquisition of two oil and gas concessions in the province of Neuquén from Pluspetrol S.A. The deal closed on August 29, 2025, after receiving approval from the province of Neuquén to transfer concessions “CNQ-12 Centenario – Blocks I and II” and unconventional block “CNQ-12 Centenario – Central Block.”
This transaction marks the formal entry of Fluxus’s activities in the Argentine oil and gas sector, strengthening its operations following recent acquisitions in Bolivia. The J&F Group is the largest business conglomerate in Brazil, parent company of giants such as JBS and Eldorado Brasil, with operations in more than 22 countries and over 290,000 employees worldwide.
Our Firm acted as legal advisor to Fluxus, through the team led by partner Juan Pablo Bove and associates Paula Cerizola, Milagros Piñeiro, Manuela Cané, Rocío Valdez, and Sofía Elhorriburu.
Legal Counsel to Banco CMF S.A. in the Issuance of Class 19 Notes for US$ 21,795,000
Legal counsel to Banco CMF S.A. in the issuance of Class 19 Notes, denominated, subscribed, and payable in U.S. Dollars in Argentina, at an interest rate of 6.50% maturing on August 29, 2026, for a total amount of US$ 21,795,000 (the “Notes”), under the Global Notes Program for an amount of up to US$100,000,000 (or its equivalent in other currencies or units of measure or value).
Legal Advice on the Restructuring of the Financial and Commercial Indebtedness of Petrolera Aconcagua Energía S.A.
Counsel to Petrolera Aconcagua Energía S.A. in the restructuring of its financial indebtedness for an approximate amount of US$220 million through (i) a tender offer of 14 outstanding notes (obligaciones negociables) for an aggregate principal amount of US$180 million, (ii) a listed promissory notes (pagarés bursátiles) tender offer in exchange for notes for an aggregate principal amount of US$3 million, and (iii) the renegotiation of bank loans with several financial entities for an aggregate principal amount of approximately US$ 10 million.
The 6 newly issued step-up notes will mature in 2030 and 2032 and are denominated in Pesos and US Dollars, as applicable. Both the new notes and the restructured financial loans are guaranteed on a pro rata basis by a trust agreement for the assignment of funds under an oil sale contract to be entered into between PAESA and Trafigura Argentina S.A.
As a result of the successful restructuring, Tango Energy S.A.U, a company co-controlled by Vista Energy S.A.B and AR Energy Resources S.A. (an affiliate of Trafigura Argentina S.A.), announced its participation as controlling shareholder by acquiring 93% of PAESA´s capital stock from its current shareholders.
The transaction was characterized by an extremely tight schedule and sophisticated negotiations with a wide variety of counterparties: bond and promissory notes holders and financial entities (all sharing the same guarantee), as well as with the future shareholders and commercial creditors.
Valo Columbus S.A. acted as financial advisor to the overall transaction, and Banco de Servicios y Transacciones S.A.U. acted as placement agent for the promissory notes tender offer, administrative agent under the restructured financial loans and as trustee under the guarantee trust agreement.
Legal Advisors in the Issuance of Class I and Class II Notes by Banco de la Provincia de Córdoba S.A.
Legal advisors to Banco de la Provincia de Córdoba S.A. and the Placement Agents in the issuance of Class I simple notes for principal amount of AR$26,094,261,589, denominated, subscribed for, and payable in Pesos, bearing a variable annual nominal interest rate equivalent to TAMAR plus 3.00%, maturing on August 22, 2026; and the issuance of Class II simple notes for principal amount of US$13,294,312, denominated, subscribed for, and payable in U.S Dollars, maturing on August 22, 2026, under its Global Program for the Issuance of Simple Notes (non-convertible into shares) for up to US$ 100,000,000 (or its equivalent in other currencies or units of value).
Banco de la Provincia de Córdoba S.A. acted as Issuer, Arranger, Lead Placement Agent and Settlement Agent of the Notes. Meanwhile, Petrini Valores S.A., S&C Inversiones S.A., Becerra Bursátil S.A. and Dracma Investments S.A. acted as Placement Agents.
“CFA CRÉDITOS VI” Financial Trust for $11,000,000,000
Deal counsel in the issuance and placement of trust securities in Argentina, for AR$ 11,000,000,000 issued under the “CFA CRÉDITOS VI” Financial Trust, in which Compañía Financiera Argentina S.A. (Efectivo Sí) acted as trustor, arranger, collection agent and placement agent; TMF Trust Company (Argentina) S.A. acted as financial trustee; Banco Patagonia S.A. acted as arranger and placement agent; Banco Comafi S.A. and Adcap Securities Argentina S.A. acted as placement agents.