Capex Completed The First International Issue of Class 2 Notes
May, 2017 - Buenos Aires, Argentina
Buenos Aires, May 22th, 2017. Estudio Beccar Varela advised Capex S.A. on the international issuance of Class 2 notes, issued under the company’s Global Program for notes for a maximum nominal value of up to US$600 million. The Notes were issued on May 15th, for a nominal value of US $300 million.
The notes will mature on May 15th, 2024, accruing interest at a nominal annual fixed rate of 6.875%. They have been officially listed on the Luxembourg Stock Exchange and on the Bolsas y Mercados Argentinos S.A. They have been admitted for trading on the Euro MTF market and on Mercado Abierto Electrónico S.A. On May 3rd, the notes were locally ranked “A (arg)” by FIX SCR S.A. Agente de Calificación de Riesgo (affiliated with Fitch Ratings) and “raA+” by Standard & Poor’s Ratings Argentina S.R.L.. Globally, they were ranked “B+(EXP)/RR3” by Fix Ratings and “B” by S&P Global Ratings.
In this transaction, Deutsche Bank Securities Inc., JPMorgan Securities LLC, BBVA Securities Inc. and Itau BBA USA Securities, Inc. acted as initial purchasers, while BACS Banco de Crédito y Securitización S.A., Banco CMF S.A. and Banco Hipotecario S.A. acted as Argentine placement agents.
Estudio Beccar Varela, with the team led by partner Alejandro Poletto and associates María Victoria Pavani, Pedro Silvestri and María Eugenia Benítez, acted as advisor to Capex in matters related to Argentine law, as well as in the approval of the global program and the price supplement before the Argentine Securities and Exchange Commission. Linklaters LLP, with the team led by partner Conrado Tenaglia and associates Adriana Maestas and Ricardo Menendez, advised Capex on matters related to US law.
The Argentine placement agents and the initial purchasers turned to Tavarone, Rovelli, Salim & Miani (in Argentina), with the team led by partner Federico Salim and associates Ángeles Femenia and Nicolás Lupinucci and to Shearman & Sterling LLP (in the US), with the team led by partner Manuel Orillac and associates Alejandro Gordano and Alessandra Azcárate.
The fiduciary and payment agent is The Bank of New York Mellon, whose representative in Argentina is Banco Santander Río S.A.
