Legal Advice in the Issuance of MSU Green Energy Places US$400,000,000 Guaranteed Notes in the International Capital Markets
Our teams advised J.P. Morgan Securities LLC, Santander US Capital Markets LLC and BBVA Securities Inc., as international initial purchasers, and Balanz Capital Valores S.A.U., Bull Market Brokers S.A., Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Cucchiara y Cía. S.A. and Industrial and Commercial Bank of China (Argentina) S.A.U., as local placement agents, and TMF Trust Company (Argentina) S.A., as trustee, in connection with the issuance by MSU Green Energy S.A. of its Class 4 Guaranteed Notes, for an aggregate principal amount of US$400,000,000.
The Notes are denominated and payable in U.S. dollars abroad, bear interest at a fixed rate of 9.750% per annum and mature on June 16, 2036. Principal will be amortized in three annual installments equal to 33%, 33% and 34% of the original principal amount issued, payable in 2034, 2035 and 2036, respectively.
The transaction consisted of an international offering to qualified institutional buyers in the United States of America pursuant to Rule 144A under the Securities Act of 1933, and to investors outside the United States pursuant to Regulation S, together with a public offering in Argentina under the regulations of the Argentine Securities Commission.
The Notes were placed through a book-building process conducted by the international initial purchasers in accordance with the terms of the offering documents. The pricing of the Notes took place on June 8, 2026, and the issue and settlement date was June 16, 2026.
The Notes are secured by a fiduciary assignment for guarantee purposes created in favor of TMF Trust Company (Argentina) S.A., as trustee, over certain collection rights and revenues arising from the issuer’s power purchase agreements. The structure also contemplates the incorporation of additional assets and rights, including certain collection rights of Chocón Hidroeléctrica Argentina S.A. and future restricted subsidiaries, in accordance with the terms of the offering documents.
The Notes qualify as Green Bonds and were issued under MSU Green Energy’s Green Financing Framework, which is aligned with the Green Bond Principles of the International Capital Market Association (ICMA), the guidelines of the Argentine Securities Commission and the guidelines of Bolsas y Mercados Argentinos S.A. (BYMA). In this context, Sustainable Fitch issued a Second-Party Opinion concluding that the framework presents an “Excellent” alignment with the applicable international standards, supporting the eligibility of the Notes as Green Bonds.
Citibank, N.A. acted as trustee, registrar, paying agent and transfer agent for the Notes; TMF Trust Company (Argentina) S.A. acted as collateral trustee; and the Branch of Citibank, N.A. established in the Republic of Argentina acted as co-registrar, paying agent in Argentina, transfer agent in Argentina and representative of the trustee in Argentina.
This transaction reaffirms MSU Green Energy’s access to the international capital markets and represents a new milestone for the financing of Argentine energy projects through instruments aligned with sustainability criteria.
ternacionales de capitales y representa un nuevo hito para el financiamiento de proyectos energéticos argentinos mediante instrumentos alineados con criterios de sostenibilidad.
Banco del Sol S.A. 5,439,359 UVAs Subordinated Series 1 Notes Offering
Counsel to Banco del Sol S.A. in the issuance of 2% Series I Subordinated Notes for 5,439,359 UVAs (Unidades de Valor Adquisitivo) due March 11, 2032, issued under the Notes Program for an amount up to US$ 300,000,000. The Notes were issued in accordance with the regulations set forth by the Argentine Comisión Nacional de Valores and the regulations issued by the Banco Central de la República Argentina for tier 2 capital.
Banco del Sol S.A. and Allaria S.A. acted as placement agents. Banco del Sol S.A. also acted as arranger and settlement agent of the issuance.
Luz de Tres Picos S.A. US$ 49.624.241 Series 5 Notes Offering
Counsel to Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Option Securities S.A., Allaria S.A., PP Inversiones S.A., Facimex Valores S.A., BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Industrial and Comercial Bank of China (Argentina) S.A.U., Industrial Valores S.A. y Banco Hipotecario S.A., in the issuance by Luz de Tres Picos S.A. of its 8.00% fixed annual nominal rate, Series 5 Notes for US$ 49.624.241 denominated, integrated and payables in U.S. Dollars in Argentina, maturing on February 26, 2029, under its US$ 300,000,000 Global Notes Program.
Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Option Securities S.A., Allaria S.A., PP Inversiones S.A., Facimex Valores S.A., BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Industrial and Comercial Bank of China (Argentina) S.A.U., Industrial Valores S.A. and Banco Hipotecario S.A., acted as placement agents of the Series 5 Notes. Banco de Galicia y Buenos Aires S.A. also acted as settlement agent for the Series 5 Notes.
Luz de Tres Picos S.A., is an Argentine electric power generation company from renewable resources, operating in a responsible and efficient manner and actively contributing to the country’s development. The company will use the net proceeds from the Series 5 Notes issuance for the refinancing of liabilities.
MSU Energy S.A.’s US$ 59,743,617 Series XIII Notes Offering
Counsel to Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Puente Hnos. S.A., Global Valores S.A., Banco de la Provincia de Buenos Aires, Balanz Capital Valores S.A.U., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., One618 Financial Services S.A.U., Banco de Valores S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Invertironline S.A.U., Banco Supervielle S.A., PP Inversiones S.A., Banco BBVA Argentina S.A., Industrial Valores S.A., Adcap Securities Argentina S.A., and Banco de Servicios y Transacciones S.A.U. in the issuance by MSU Energy S.A. of its 7.50% fixed annual nominal rate, Series XIII Notes for US$ 59,743,617 denominated, integrated and payables in U.S. Dollars in Argentina, maturing on October 30, 2027, under its US$ 900,000,000 Global Notes Program.
The net proceeds from the Series XIII Notes issuance will be used for the refinancing of liabilities, through the prepayment of principal installments under MSU Energy S.A.’s local syndicated loan, in accordance with Central Bank of Argentina Communication “A” 8390.
Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Puente Hnos. S.A., Global Valores S.A., Banco de la Provincia de Buenos Aires, Balanz Capital Valores S.A.U., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., One618 Financial Services S.A.U., Banco de Valores S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Invertironline S.A.U., Banco Supervielle S.A., PP Inversiones S.A., Banco BBVA Argentina S.A., Industrial Valores S.A., Adcap Securities Argentina S.A. and Banco de Servicios y Transacciones S.A.U. acted as arrangers and placement agents of the Series XIII Notes. Banco de Galicia y Buenos Aires S.A. also acted as settlement agent for the Series XIII Notes.
Legal Advice in the Issuance of Loma Negra Compañía Industrial Argentina S.A.´s Series 6 Notes for US$ 60,000,000
Counsel to Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Option Securities S.A., Allaria S.A., Macro Securities S.A.U., Cocos Capital S.A., Invertir en Bolsa S.A., Invertironline S.A.U., Banco Supervielle S.A. and Global Valores S.A. as placement agents, in the issuance of Loma Negra Compañía Industrial S.A.’s Series 6 Notes for U$S 60,000,000 denominated and payable in U$S in Argentina, at an 6.5% annual interest rate, due January 23, 2029. The Series 6 Notes were issued under the company´s global notes program for an amount of up to U$S 500,000,000.
Banco de Galicia y Buenos Aires S.A., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Option Securities S.A., Allaria S.A., Macro Securities S.A.U., Cocos Capital S.A., Invertir en Bolsa S.A., Invertironline S.A.U., Banco Supervielle S.A. and Global Valores S.A. acted as placement agents of the Series 6 Notes. Banco de Galicia y Buenos Aires S.A. also acted as settlement agent for the Series 6 Notes.
Inversora Juramento S.A.’s Series VI Notes for US$ 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$100,000,000.
Macro Securities S.A.U. acted as arranger, settlement agent and placement agent, and Banco Patagonia S.A., Banco Supervielle S.A., Banco de la Provincia de Buenos Aires, Invertironline S.A.U., Banco CMF S.A., Invertir en Bolsa S.A., Balanz Capital Valores S.A.U. and Banco de Galicia y Buenos Aires S.A. acted as placement agents.
Legal Advice in the Issuance of Loma Negra Compañía Industrial Argentina S.A.´s Series 5 Notes for US$ 112,878,134
Counsel to Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., Puente Hnos S.A., Allaria S.A., Invertir en Bolsa S.A., Petrini Valores S.A., Facimex Valores S.A., Cocos Capital S.A., Adcap Securities Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., PP Inversiones S.A., Option Securities S.A. y Banco CMF S.A. as placement agents, in the issuance of Loma Negra Compañia Industrial S.A.’s Series 5 Notes for U$S 112,878,134, denominated and payable in U$S at an 8% annual interest rate, due July 24, 2027. The Series 5 Notes were issued under the company´s global notes program for an amount of up to U$S500,000,000.
Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., Puente Hnos S.A., Allaria S.A., Invertir en Bolsa S.A., Petrini Valores S.A., Facimex Valores S.A., Cocos Capital S.A., Adcap Securities Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., PP Inversiones S.A., Option Securities S.A. y Banco CMF S.A. acted as placement agents of the Series 5 Notes. Banco de Galicia y Buenos Aires S.A. also acted as settlement agent for the Series 5 Notes.
Legal Advice in the Issuance of Series XV Notes of MSU S.A. for US$ 34,876,339
Counsel to Banco de Galicia y Buenos Aires S.A.U. as arranger, placement agent and settlement agent, and Banco Supervielle S.A., Banco de la Provincia de Buenos Aires, Puente Hnos. S.A., Invertir Online S.A.U, and Banco de la Nación Argentina as placement agents, in the issuance of MSU S.A. 8.50% Series XV Notes for US$ 34,876,339 issued on April, 16, 2025 and due April, 16, 2029, under its US$ 200,000,000 Global Notes Program.
Banco de Galicia y Buenos Aires S.A.U. acted as arranger, placement agent and settlement agent, and Banco Supervielle S.A., Banco de la Provincia de Buenos Aires, Puente Hnos. S.A., Invertir Online S.A.U and Banco de la Nación Argentina acted as placement agents.
River Plate makes AR$ 12.000.000.000 Initial Notes Offering Due 2027
On February 25, Club Atlético River Plate Asociación Civil carried out its first issuance of Notes under the special regime for social impact issuances, becoming the first football club in the country to issue corporate debt in the capital market.
The Notes Series I, maturing on February 27, 2027, were issued for amount of AR$12,000,000,000,000 (Pesos twelve billion) and will accrue interest at a variable rate equivalent to the TAMAR Rate plus a margin of 3.89%.
Additionally, these Notes are aligned with the Social Bond Principles (SBP) of the International Capital Market Association (ICMA). The “Universidad Nacional de Tres de Febrero” (UNTREF), in its role as external reviewer, rated the issue as a “BS2+” social bond, concluding that it complies with the four main components of the ICMA Principles and generates a positive social impact.
Banco Supervielle S.A., Banco BBVA Argentina S.A., Banco CMF S.A., Banco de Valores S.A. and Banco Comafi S.A. participated as arrangers, placement agents and guarantee agents, while Latin Securities S.A., Invertir Online S.A. and Allaria S.A. acted as placement agents.
Legal Advice in the Issuance of 360 Energy Solar S.A. Series 5 Notes for US$15.000.000 which Qualify as Green Bonds
Counsel to Banco de Servicios y Transacciones S.A., Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Banco de Valores S.A., Industrial Valores S.A., Allaria S.A., Balanz Capital Valores S.A.U., Invertir en Bolsa S.A., Banco Comafi S.A., PP Inversiones S.A., BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Adcap Securities Argentina S.A., Deal S.A., Banco CMF S.A. and Banco de la Provincia de Buenos Aires in the issuance of 360 Energy Solar S.A. 8.75% Series 5 Notes for US$15.000.000 due September 5, 2027 (indistinctively, the “Series 5 Notes” or the “Notes”), issued under the Global Notes Program for an amount of up to U$S200,000,000 (or its equivalent in other currencies or other unit value).
Series 5 Notes qualify as Green Bonds.
The proceeds from the placement will be used to (i)finance the construction, installation, commissioning, operation, and maintenance of photovoltaic solar parks and storage systems related to the Eligible Green Project Portfolio. (ii) integration of working capital; and (iii) integration of capital contributions in controlled or related companies. The Notes are denominated and payable in U.S. dollars in Argentina.
Banco de Servicios y Transacciones S.A., Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Banco de Valores S.A., Industrial Valores S.A., Allaria S.A., Balanz Capital Valores S.A.U., Invertir en Bolsa S.A., Banco Comafi S.A., PP Inversiones S.A., BACS Banco de Crédito y Securitización S.A., Banco Patagonia S.A., Adcap Securities Argentina S.A., Deal S.A., Banco CMF S.A. and Banco de la Provincia de Buenos Aires acted as placement agents of the Notes. Banco de Galicia y Buenos Aires S.A.U., Banco BBVA Argentina S.A., Banco de Valores S.A. and Banco de Servicios y Transacciones S.A. acted as arrangers and, Banco de Servicios y Transacciones S.A., also acted as settlement agent.