IEB Construcciones S.A. Executes its Second Follow-on
Legal advisors in the offering of 12,302,724 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.
Province of Cordoba’s Class 5 and Class 6 Notes Issuance for AR$ 185,313,339,352 (approximately US$ 128,815,055)
Legal counsel to the Province of Córdoba, as issuer, and Banco de la Provincia de Córdoba S.A., as arranger and placement agent, in the issuance of Province of Córdoba’s class 5 notes (the “Class 5 Notes”) and class 6 notes (the “Class 6 Notes”, and together with the Class 5 Notes, the “Notes”), under the Province of Cordoba’s Treasury Notes Issuance Program for up to US$485,000,000. The payments due under the Notes are secured by a collateral assignment over rights of the Province of Córdoba arising from the Federal Tax Regime (Régimen de Coparticipación Federal).
The Class 5 Notes were issued in an aggregate principal amount of AR$74,873,578,027 (equivalent to approximately US$52,046,864), bearing a floating interest rate equal to the TAMAR rate plus a 5.50% margin. The Class 5 Notes mature on December 5, 2027, and are repaid in two (2) installments of 25% and 75%, due on June 5, 2027, and December 5, 2027, respectively.
The Class 6 Notes were issued in an aggregate principal amount of AR$110,439,761,325 (equivalent to approximately US$76,769,982). Principal under the Class 6 Notes is adjusted by the Reference Stabilization Index (Coeficiente de Estabilización de Referencia) and bears interest at a rate of 9.75% per annum. The Class 6 Notes mature on December 5, 2027, and are repaid in two (2) installments of 25% and 75%, due on June 5, 2027, and December 5, 2027, respectively.
The proceeds of the Notes will be applied by the Province of Córdoba to the financing of the execution of infrastructure projects included in its 2025–2026 investment plan.
Municipality of Cordoba’s Series II Bonds 2025 Issuance for AR$ 70,000,000,000
Legal counsel to the Municipality of Cordoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement, and Banco de la Provincia de Córdoba S.A., Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A.U., Puente Hnos. S.A., SBS Trading S.A., Facimex Valores S.A., Banco Patagonia S.A., Banco Comafi S.A., Global Valores S.A., Bull Market S.A., One618 Financial Services S.A.U., Macro Securities S.A.U., and Becerra Bursátil S.A. as placement agents, in the issuance of Municipality of Cordoba’s Series II Secured Bonds 2025 (the “Series II Bonds 2025”), under the Municipality of Cordoba’s Bonds Issuance Program. The payments due under the Series II Bonds 2025 are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Series II Bonds 2025 were issued on November 13, 2025, for AR$ 70,000,000,000 at an annual floating interest rate equivalent to Private TAMAR plus 5.50% per annum, due on February 13, 2027.
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.
“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.
360 Energy Solar S.A. Obtains US$ 17,000,000 Loan
Counsel to 360 Energy Solar S.A. (the “Company”), as borrower; Banco BBVA Argentina S.A., as lender and administrative agent; Banco Comafi S.A., as lender and security agent; and Banco de la Provincia de Buenos Aires, as lender, in the granting of a loan to the Company for a total amount of US$ 17,000,000, disbursed on August 20, 2025.
The loan is secured by a guarantee assignment over cash flows arising from certain power supply agreements entered into by the Company with certain corporate clients.