The Province of Neuquén (the “Province”), has successfully issued the : (i) Series I Class 1 Treasury Notes maturing on April 7, 2021, with a nominal annual variable rate equivalent to the Badlar rate plus a margin of 6.50%, for a total aggregate amount of AR$ 1,570, 477,137 (“Class 1 Treasury Notes”), (ii) Series I Class 2 Treasury Notes maturing on October 7, 2021, with a fixed rate of 3.00% annual nominal, for a total aggregate amount of US$ 17,824,528 (“Class 2 Treasury Notes”), and (iii) the Series I Class 3 Treasury Notes maturing on January 7, 2023, with a fixed rate of 4.00% nominal annual, for a total amount of US$ 30,305,685 (“Class 3 Treasury Notes”, and together with the Class 1 Treasury Notes and Class 2 Treasury Notes, the “Treasury Notes Series I”), under the Province’s Global Treasury Notes Program due on 2021/2024, within the aggregate amount of AR$5,500,000,000 (the “Program”). The issue date of the Treasury Notes Series I was on July 7, 2020.
Treasury Notes Series I were subscribed in cash and / or through the exchange of certain short and medium term Treasury Notes of the Province.
Class 1 Treasury Notes y Class 2 Treasury Notes are secured with the assignment of funds under the Federal Tax Co-Participation Regime paid to the Province and the Class 3 Treasury Notes are secured with the assignment of certain Oil Royalties and Extraordinary Production Royalties paid to the Province by certain oil concessionaries.
Banco Provincia del Neuquén S.A., acted as principal arranger and placement agent and collateral agent; Banco de Galicia y Buenos Aires S.A.U. and Banco Macro S.A. acted as joint arrangers; and Banco de Galicia y Buenos Aires S.A.U., Macro Securities S.A., AdCap Securities Argentina S.A., Banco Patagonia S.A., Balanz Capital Valores S.A.U., Banco de Servicios y Transacciones S.A. y Compañía Financiera Argentina S.A. acted as joint placement agents.
Tanoira Cassagne Abogados advised the issuer, through a team led by partners Alexia Rosenthal and Jaime Uranga and associates Juan Sanguinetti and Carolina Demarco.
Bruchou, Fernández Madero & Lombardi advised the joint arrangers and joint placement agents, through partner Alejandro Perelsztein and associates Leandro E. Belusci, Facundo Sainato and Manuel Etchevehere.