Beccar Varela and Errecondo, Gonzalez & Funes advise on US$475 million loan agreement
September, 2017 - Buenos Aires, Argentina
Buenos Aires, September 26, 2017. Beccar Varela and Errecondo, Gonzalez & Funes rendered advice on a loan agreement for a total amount of up to US$475 million, granted to Desarrolladora Energética S.A. and Empresa Inversora Energética S.A.
The loan was granted by Deutsche Bank AG, London Branch; JPMorgan Chase Bank, N.A., London Branch and Nomura Securities (Bermuda) Ltd. to Desarrolladora Energética S.A. and Empresa Inversora Energética S.A. (“DESA Group”). Deutsche Bank Trust Company Americas acted as administrative agent and collateral agent.
The loan is denominated in US dollars at an annual nominal fixed rate of 9.5%, for a three-year term. It is secured with a first-degree preference pledge on 100% of the borrowers’ shares and 100% of the shares of certain subsidiaries.
Counsel to Deutsche Bank AG, London Branch; JPMorgan Chase Bank, N.A., London Branch and Nomura Securities (Bermuda) Ltd.:
Beccar Varela (Buenos Aires): team led by partner Alejandro Poletto, senior associates Eugenia Radaelli and Pedro Silvestri and associates Patricia Browne and Dolores Rapetti Crossa.
Gibson, Dunn & Crutcher LLP (New York and London), Consortium Legal (San José), Ferrere (Uruguay) and Garrigues (Spain).
Counsel to Desarrolladora Energética S.A. and Empresa Inversora Energética S.A.:
Errecondo, Gonzalez & Funes (Buenos Aires): team led by partners Javier Errecondo and Ximena Digon and associates Delfina Aira, Felicitas Tauber and Consuelo Ballesteros.
Cleary Gottlieb Steen & Hamilton LLP (New York and London), Pacheco Coto (San José) and DLA Piper (Madrid).
