Milbank Advises on $2.8 Billion in Capital Markets Transactions in Argentina Details on Milbank’s recent transactions in Argentina include: Represented Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Securities Corp., Puente Corredor de Bolsa S.A. and UBS Securities LLC, as initial purchasers, in the $650 million Rule 144A/Regulation S bond offering of 7.750% Secured Amortizing Notes due 2026, issued by the Province of Chubut in Argentina. In May, Milbank represented the initial purchaser in the Province of Chubut's $50 million Rule 144A/Regulation S bond offering of 8.875% Secured Amortizing Notes due 2023. These two deals are guaranteed by oil and gas royalties and are the first international capital markets transactions for Chubut since 2010. The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín, special counsel Ben Garcia and associates Elizabeth McNichol, Tathyane Vosgerau and Kristina Rochester. The team also included Tax partner Andrew Walker and associate Jules Mugema.
Advised the deal managers in connection with Petrobras Argentina S.A.’s US$500 million 7.3575% bonds due 2023 issued in order to tender the company’s existing $300 million 5.875% bonds due 2017. The team was led by Global Capital Markets partner Carlos Albarracín with associates Matt Kusel, Don Canavaggio, Felipe Barros Lima. Milbank also represented the lead arrangers in the US$450 million and AR$2,205 million syndicated bridge loan facility to finance in part Pampa Energía S.A.’s acquisition of approximately 67% stake in Petrobras Argentina S.A. from Brazilian state-run oil company Petroleo Brasileiro S.A. (Petrobras). The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín and Leveraged Finance partner Mike Bellucci with associates Laura Larsen and Dan Gentel. The team also included Tax partner Andrew Walker, special counsel Eschi Rahimi-Laridjani and associate Jules Mugema, Environmental partner Matt Ahrens. Partner Dara Panahy and associates Bijan Ganji and Lafayette Greenfield provided regulatory advice on the transaction.
Represented the initial purchasers in the $250 million offering of Subordinated Resettable Notes Class II due 2026 by Banco de Galicia y Buenos Aires S.A. The Milbank deal team was led by Global Capital Markets partner Marcelo Mottesi and associates Kaveh Namazie and Elizabeth McNichol. The team also included Tax partner Andrew Walker and associate Jules Mugema.
Represented the initial purchasers in the Rule 144A/Reg S issuance of $750 million in high-yield notes by YPF Sociedad Anónima, the leading Argentine fuel exploration and production company. The deal represents first Rule 144A
issuance of peso-linked notes in 10 years and the first ever with floating-rate interest based on the BADLAR rate in effect in Argentina. The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín and associates Cora Fanning, James Ganley and Felipe Camara.
Advised the initial purchasers in the US$725 million offering of 7.125% notes due 2021 by the Province of Córdoba in Argentina and concurrent tender offer for outstanding notes of the Province. The Milbank deal team was led by Global Capital Markets partner Marcelo Mottesi and associates Mojdeh Pourmahram and Alex Barlow and international attorney David Lopez Zorrilla.
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