Our team advised BBVA Securities Inc., Itau BBA USA Securities Inc., Santander US Capital Markets LLC and Balanz Capital UK LLP, as international initial purchasers (the “International Initial Purchasers”); Galicia Capital US, LLC, as international sales agent (the “International Sales Agent”); and Allaria S.A., Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A., Banco Santander Argentina S.A. and Industrial and Commercial Bank of China (Argentina) S.A.U., as local placement agents (the “Local Placement Agents”), in connection with the co-issuance by Petroquímica Comodoro Rivadavia S.A. (“PCR”) and Luz de Tres Picos S.A. (“LDTP”) of their Class 1 Notes, for an aggregate principal amount of US$400,000,000 (the “Notes”).
The transaction marks a milestone for the Argentine capital market as it is the first co-issuance of notes completed under the new simplified public offering regime established by General Resolution No. 1095/2025 of the Argentine Securities Commission (Comisión Nacional de Valores), which comprehensively modernized the regime applicable to issuers and allows the joint and several issuance of notes by up to five affiliated issuers under the same program. PCR and LDTP thus became the first companies in the Argentine market to rely on this new framework.
The Notes are denominated and payable in U.S. dollars abroad, bear interest at a fixed rate of 8.500% per annum and mature on July 28, 2034. Principal will be amortized in three annual installments equal to 33%, 33% and 34% of the original principal amount issued, payable in 2032, 2033 and 2034, 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 Class 1 Notes took place on July 22, 2026, and the issue and settlement date was July 28, 2026.
Legal advice was provided by partners Marcelo R. Tavarone and Francisco Molina Portela and associates Juan Cruz Carenzo, Azul Namesny, Bárbara Valente, Melina Dirakis and Francisco Lemesoff.