Legal Advice to Club Atlético River Plate on the US$ 100,000,000 Loan for the Expansion and Roofing of the Mâs Monumental Stadium
Our Banking, Infrastructure, and Corporate teams advised Club Atlético River Plate Asociación Civil (CARP), as borrower, in connection with a syndicated loan in an aggregate amount of US$ 100,000,000.
The loan structure comprises: (i) a loan from IDB Invest for up to US$ 50 million; and (ii) a loan from CAF for up to US$ 50 million. The co-financing scheme between CAF and IDB Invest reflects both institutions’ commitment to jointly mobilizing resources in order to strengthen infrastructure across the region.
With respect to IDB Invest, the loan proceeds will be used: (i) to refinance bridge financing used for the construction of the new school building and Casa River (the youth residence and development center); and (ii) to finance the construction of improvements to the stadium, including, among others, extending the useful life of the facility, improving its acoustics, increasing capacity to 100,000 spectators and installing a partial roof to enhance the fan experience.
As for CAF, its resources are directed mainly to the stadium’s roof component. By acting as thermal insulation, the roof will reduce direct solar radiation on the facility and, as a result, the energy demand of the climate control system, improving the venue’s energy efficiency and reducing its consumption.
With more than 350,000 members, CARP is one of the sports clubs with the largest membership worldwide, and is widely recognized for its professional football department. The Club offers 20 federated sports, organizes recreational activities for the community and runs its own school with more than 1,700 students per year, spanning from early childhood through higher education and combining academic excellence with sports training.
The loan is backed by a complex security package, comprising the fiduciary assignment of various collection flows and rights of the Club.
In connection with the transaction, our Infrastructure team advised CARP on the principal agreements governing the execution of the project. The team advised the Club throughout the competitive tender process to select the contractor, including the preparation and review of the bidding documents pursuant to which leading local and international construction firms participated in the tender, as well as on the subsequent EPC (engineering, procurement and construction) agreement entered into with Grupo ENG S.A., the selected bidder, for the execution of the stadium’s expansion and roofing works. The team also advised CARP on the technical supervision agreement entered into with SBP (Schlaich Bergermann Partner), a leading German engineering firm renowned for its design and supervision of large-scale structures, including the roofs of Tottenham Hotspur Stadium and the Santiago Bernabéu Stadium.
Syndicated Loan to MSU S.A. for US$60,000,000
Counsel to Banco de Galicia y Buenos Aires S.A., as lender, administrative agent and collateral agent, and Banco de la Nación Argentina, Banco de la Provincia de Buenos Aires and Banco de la Ciudad de Buenos Aires, as lenders, in connection with a syndicated loan to MSU S.A. for an aggregate principal amount of US$60,000,000.
The loan is secured by a first-priority pledge over the shares held by Inversiones Agroganaderas S.A.U. and MSU S.A. in Oro Esperanza Agro S.A., as well as by two first-priority mortgages over a peanut processing plant and a rural property located in the Province of Santa Fe.
360 Energy Solar S.A. Obtains US$ 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.
Sidus S.A. obtains up to $12,000,000,000 loan
Counsel to Banco de Galicia y Buenos Aires S.A.U., as lender and security agent, in a $12,000,000,000 loan to SIDUS S.A., including a new money tranche and a refinancing tranche.
The loan is secured by a first-priority pledge over the shares of Sidus S.A. In addition, the new money tranche is secured by a mortgage on four real estate properties owned by Tresarg S.A. and the refinancing tranche is secured by two mortgages: a pre-existing mortgage on a real estate property owned by Sidus S.A. and a new mortgage on a real estate property owned by Tresarg S.A.
Grupo Albanesi Secures a US$ 80,000,000 Loan for the Refinancing of Certain short-term Liabilities due 2025
Counsel to Grupo Albanesi (Generación Mediterránea S.A., Central Térmica Roca S.A. y Albanesi Energía S.A.) in the granting of a syndicated loan for a committed amount of US$ 59,000,000 and a máximum amount of US$ 80,000,000 (the “Loan”) by Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A.U. (the “Arrangers”), Banco Supervielle S.A., Banco Santander Argentina S.A., Banco de la Provincia de Córdoba S.A., Banco de la Ciudad de Buenos Aires, Banco de Servicios y Transacciones S.A., and Banco de la Provincia de Buenos Aires (collectively with the Arrangers, the “Lenders”), for the refinancing of certain short-term liabilities due 2025.
The Loan, entered into on January 21, 2024, was partially disbursed by the Lenders on the such date, and the funds were successfully applied to the repayment of the certain short-term liabilities due 2025.
The Loan has a grace period of 24 months, matures in 2028, and is secured by a fiduciary assignment of its collection rights under certain PPAs (Power Purchase Agreements) of Generación Mediterránea S.A. and Central Térmica Roca S.A.
Consequently, Grupo Albanesi secured the necessary funding to refinance certain short-term liabilities and continues its process of improving its long-term debt profile and strengthening its financial position.
MSU Energy Secures a US$ 222,000,000 Loan for the Refinancing of its International Notes due 2025
Counsel to MSU Energy S.A. in the granting of a syndicated loan of US$ 222,000,000 (the “Loan”) by Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Galicia y Buenos Aires S.A.U., and Banco Santander Argentina S.A. (the “Arrangers”), together with Banco BBVA Argentina S.A., Banco Hipotecario S.A., Banco de la Nación Argentina, Banco de la Ciudad de Buenos Aires, Banco de Valores S.A., and Banco de la Provincia de Buenos Aires (collectively with the Arrangers, the “Lenders”), for the refinancing of its international notes due 2025.
The Loan, entered into on November 7, 2024, was disbursed by the Lenders on December 23, 2024, and the funds were successfully applied to the redemption of the portion of MSU Energy S.A.’s bonds not voluntarily exchanged for New Notes, maturing 2025 with an interest rate of 6.875% for an aggregate amount of US$ 600,000,000 (the “2025 Notes”).
Simultaneously, we advised MSU Energy S.A. in the issuance of a secured international bond at a 9.750% interest rate, maturing 2030, for an aggregate amount of US$ 400,000,000 (the “New Notes”), which consisted of (a) an exchange offer of the 2025 Notes, which were voluntarily tendered in exchange for New Notes for an aggregate principal amount of US$223,352,460 (the “Exchange Offer”); and (b) the issuance of additional New Notes for an aggregate principal amount of US$ 176,647,540 (the “New Money Issuance”).
The US$ 222,000,000 Loan, together with the New Money Issuance, were applied to the redemption of such nominal amounts of 2025 Notes not validly tendered and accepted for exchange pursuant to the Exchange Offer.
Consequently, MSU Energy S.A. secured the necessary funding to refinance the entirety of its 2025 Notes and completed its complex refinancing process, significantly enhancing its long-term debt profile and strengthening its financial position for future growth.
Roch S.A. consent solicitation
Counsel to Roch S.A. in a consent solicitation process for the (i) deferral of the payment of certain principal installments under the company’s series 1 secured notes, private secured note and financial loans; and the redistribution of their payments, (ii) capitalization, at their respective maturity dates, of the interest accrued and due in respect of two interest installments, and (iii) waiver of certain matters under the collateral trust agreement dated July 27, 2022 (as amended on March 22, 2023) entered into between ROCH, as trustor, Banco de Valores S.A., as trustee, and certain creditors.
The transaction was conducted within the framework of the company’s judicial insolvency proceeding and allowed Roch to obtain the consents from 78.73% of the holders of the series 1 secured notes for US$16,261,578; 100% of the holders of the private secured note for US$3,413,694; and 100% from the lenders under financial loans Banco Itaú Argentina S.A., Banco de la Ciudad de Buenos Aires and Banco de Tierra del Fuego for US$9,149,905.
Legal Advice in Molinos Agro US$250,000,000 Pre-export Financing from IDB Invest
Counsel to Molinos Agro S.A. and Molinos Overseas Commodities S.A. in the financing for up to US$250,000,000 from IDB Invest. The uncommitted financing consists of a direct loan of up to US$50 million, and up to US$200 million of mobilized funds, with Santander and Rabobank as lead arrangers. This funding aims to ensure short and medium-term liquidity for pre-financing the company's exports of products and commodities.
Roch S.A. consent solicitation
Counsel to Roch S.A. in a consent solicitation process for the release of proceeds for an amount of AR$266,094,000 to be applied under the joint venture agreement Unión Transitoria Río Cullen, Las Violetas, La Angostura (Cuenca Austral - Tierra del Fuego Province)and for increasing the interest rates for the periods between June and December 2023, from 6.5% to 7% per annum for the US Dollar denominated debt and the margin under the Peso denominated debt from 12% to 12,5% per annum.
The transaction was conducted within the framework of the company’s judicial insolvency proceeding and allowed Roch to obtain the consents from 81.07% of the holders of the series 1 secured notes for US$16,261,578; 100% of the holders of the private secured note for US$3,413,694; and 100% from the lenders under financial loans Banco Itaú Argentina S.A., Banco de la Ciudad de Buenos Aires and Banco de Tierra del Fuego for US$9,149,905.
Posco Argentina obtains up to US$ US$ 411,900,000 Financing for the Construction and Development of a Lithium Project
Legal counsel to BNP PARIBAS Seoul Branch, Citibank N.A. Hong Kong Branch, Crédit Agricole Corporate and Investment Bank, JPMorgan Chase Bank, N.A., The Hongkong and Shanghai Banking Corporation Limited, and Korea Trade Insurance Corporation (Korean export credit agency) in a facility worth up to US$ 411,900,000 to Posco Argentina S.A.U. to finance the construction and development of the first phase of Sal de Oro lithium brine project, located in Salar del Hombre Muerto, in the provinces of Catamarca and Salta, in Argentina, one of the most important lithium brine projects in the country. The funds under the financing will be used for the development of the lithium plant, including financing of infrastructure and imports. Plant construction completion is expected for Q2 2024.
The facility is guaranteed by Posco Holdings Inc., a South Korean company and one of the major lithium producers worldwide, and by K-Sure, in its landing in Argentina. Disbursements under the facility are subject to certain conditions precedent.