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UncategorizedInternational capital markets offering of MSU Energy’s US$250.3 million senior secured Notes

May 14, 2020

On May 7, 2020, MSU Energy S.A. (the “Company”) issued US$250.3 million secured floating rate Notes due 2024 (the “Notes”). The Notes were placed through a public offering in Argentina directed to “qualified investors” and an international offer made (i) in the United States of America, to qualified institutional buyers (under Rule 144A of the U.S. Securities Act of 1933), and (ii) outside the United States of America and Argentina, to non-U.S. persons (under Regulation S of the U.S. Securities Act of 1933).

J.P. Morgan Securities LLC acted as sole book-running manager of the offering and as sole initial purchaser and Puente Hnos. S.A., as local placement agent. Citibank, N.A. acted as Trustee, Registrar, Transfer Agent, Paying Agent and U.S. Collateral Agent, and La Sucursal de Citibank, N.A. establecida en la República Argentina, as Trustee in Argentina, Co-Registrar, Transfer Agent, Argentine Paying Agent, Argentine Collateral Agent and Argentine Trustee under certain fiduciary assignment agreement.

The Notes are secured by: (a) a fixed chattel mortgage over certain assets related to the Company’s three combined cycle power plants (the “Project”), (b) a fiduciary assignment of substantially all receivables under the combined cycle PPAs, the Project documents and certain insurance policies associated with the Project; and (c) a pledge of substantially all the shares issued by the Company.

Legal advisors to the book-running manager and sole initial purchaser, the local placement agent and investors

Argentina

Bruchou Fernández Madero & Lombardi – Partner José Bazán and associates Andrés Chester and Facundo Sainato. Collaboration regarding tax matters by partners Matías Olivero Vila and Daniela Rey.

New York

Advisors to the book-running manager and initial purchaser.

Skadden, Arps, Slate, Meagher & Flom LLP  Socio Alejandro González Lazzeri y asociados Alejandro Ascencio y Marco Ferrario.

Asesores legales de los inversores

Cleary Gottlieb Steen & Hamilton LLP  Socio Adam J. Brenneman, abogada senior Denise Filauro y asociado Ethan Back; y su equipo de impuestos liderado por el socio Jason Factor, abogado senior David Fisher y asociada Amy Hinz.

Asesores Legales de la Compañía

Argentina

Tavarone, Rovelli, Salim & Miani  Socio Federico Salim y asociados Francisco Molina Portela, Beltrán Romero y Felicitas Lacioppa.

New York

Simpson, Thacher & Bartlett LLP, New York Socios Juan M. Naveira y Juan F. Mendez, asociados Antonio Ribichini y María Justina Richards; y abogado senior Jonathan Cantor, y asociado Brian Mendick de su equipo de impuestos.

In-house counsel: Carlos Vassallo and Cecilia Díaz Llamosas.

Asesores legales de Citibank, N.A. y La Sucursal de Citibank, N.A. establecida en la República Argentina

Argentina

Tanoira Cassagne Abogados – Socio Alexia Rosenthal and asociado Ignacio Criado Díaz.

In-house counsel: Carlos Vassallo and Cecilia Díaz Llamosas.

New York

Alston & Bird  Partners Adam Smith and Brad Johnson, and asociada Gina Masterson.

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Ing. Enrique Butty 275, Piso 12. C1001AFA, Buenos Aires, Argentina.
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