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2022New DealWe advised the dealer managers and placement agents on the Generación Mediterránea S.A. issuance

June 8, 2022

Notes due 2027 and 2032, Series No. XVII, XVIII and XIX of Generación Mediterránea S.A.

Generación Mediterránea S.A. (“GEMSA”) obtained financing in the local capital market for US$ 125,000,000, which shall be used to expand the generation of capacity in the Maranzana power plant in 121 MW (the “Maranzana Expansion Project”). In order to incur in such financing, GEMSA carried out a consent solicitation process directed to the holders of the 9.625% Senior Notes due 2023 co-issued by GEMSA and Central Térmica Roca S.A, another company belonging to Grupo Albanesi.

Obtaining the aforementioned consent allowed GEMSA to successfully complete the placement and issuance of Series No. XVII, XVIII due 2027 and Series No. XIX due 2032 (the “Notes”) issued in the terms of the Global Non-Convertible Simple Notes Program for an aggregate principal amount of up to US$ 400.000.000 (or its equivalent in other currencies or units of measure or value), which will have limited and exclusive recourse in the terms of Section 3 of the Negotiable Obligations Law and will be guaranteed by a trust, first-priority pledges on certain collateral assets and will have the benefit of an insurance policy.

Considering that, certain collateral assets had already been pledged with a first-priority lien in favor of a pre-existing lender (the “Pre-existing Lender”), on May 10, 2022 an intercreditor agreement (the “Intercreditor Agreement”) was entered into among GEMSA, the Pre-existing Lender and Banco de Servicios y Transacciones S.A., in order to regulate the rights of the holders of the Notes and the Pre-existing Lender with respect to the aforementioned pledge, particularly regarding the application of the proceeds obtained as a result of an eventual execution.

Salaverri, Burgio & Wetzler Malbrán advised the GEMSA in the consent solicitation process and in the issuance of the Notes in Argentina, while Simpson Thacher & Bartlett LLP acted as legal advisor in New York.

Bruchou, Fernández Madero & Lombardi advised SBS Capital S.A., Banco de Servicios y Transacciones S.A., and Banco de Valores S.A., as dealer managers for the offering of the Notes, and Banco de Servicios y Transacciones S.A., SBS Trading S.A., Banco de Valores S.A., Adcap Securities Argentina S.A., Banco de la Provincia de Buenos Aires, Macro Securities S.A., Facimex Valores S.A., BACS de Crédito y Securitización S.A., Banco Hipotecario S.A., Balanz Capital Valores S.A.U., Banco Supervielle S.A., Supervielle Agente de Negociación S.A.U., and Nación Bursátil S.A., as placement agents for the offering of the Notes (the “Placement Agents”).

The Notes will be listed on the Bolsas y Mercados Argentinos S.A. for trading on the Mercado Abierto Electrónico S.A.

External Counsel to GEMSA

In Argentina:

Salaverri, Burgio & Wetzler Malbrán acted as counsel through partners Roberto Lizondo and Pablo Fernández Pujadas, and associates Josefina Ryberg, Guido Aiassa, Delfina Meccia, Camila Mindlin and Carolina Colombo.

In New York:

 Simpson Thacher & Bartlett LLP acted as counsel through partner Juan Francisco Méndez and associates Antonio Ribichini and Jon Vicuña.

In-house Counsel to GEMSA

GEMSA was also advised by its in-house counsels Fabiana Lopez Leon, Claudio Gastón Mayorca and María Mercedes Cabello.

Counsel to the Placement Agents

Bruchou, Fernández Madero & Lombardi acted as legal advisor of the dealer managers and placement agents through partner José María Bazán and associates Leandro Exequiel Belusci, Lucila Dorado and Josefina Mortola Saiach.

 

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