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

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UncategorizedBruchou advised on the issuance of new notes of CGC in order to finance a productive project

September 21, 2021
Bruchou, Fernández Madero & Lombardi acted as counsel to the placement agents on the recent issuance of CGC (Compañía General de Combustibles)

The issuance consisted of:

  • 3.00% Notes Series 22 due in September 2024 (Obligaciones Negociables Clase 22) for an amount of US$20,000,000 denominated in U.S. Dollars and payable in Argentine Pesos at the prevailing exchange rate.
  • 6.05% Notes Series 23 due in September 2031 (Obligaciones Negociables Clase 23) for an amount of US$100,000,000, denominated in U.S Dollars and payable in Argentine Pesos at the prevailing exchange rate.

The issuance of CGC date took place on September 17, 2021 under the company’s Frequent Issuer Program.

The proceeds from the issuance will be used to finance a productive project that will consist of:

The development of low permeability “tight” reservoirs of the Magallanes formation, including the drilling of 28 wells in the Campo Indio Este – El Cerrito and Campo Boleadoras concessions, together with the construction of ancillary facilities.

  • The expansion of the productive area of the basin via border exploration, which consists of the drilling and completion of five exploratory wells in the Tapi Aike, Paso Fuhr and Piedrabuena areas.
  • The notes are listed in Bolsas y Mercados Buenos Aires S.A. and Mercado Abierto Electrónico S.A.
Placement agents

Banco de Galicia y Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco Santander Río S.A. and Banco de la Provincia de Buenos Aires acted as book-running managers and placement agents, while Allaria Ledesma & Cía. S.A., BACS Banco de Crédito y Securitización S.A, Facimex Valores S.A. and Banco Hipotecario S.A.U. acted as placement agents.

Legal advisors of placement agents:

Bruchou, Fernández Madero & Lombardi

Partner Bazán, José María; and associates Belusci, Leandro Exequiel, Dorado, Lucila and Mortola Saiach, Josefina.

Other relevant transactions in which we participate

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