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17 March 20232 minute read

DLA Piper Argentina advises Edenor on the issuance of US$30 million Class 2 Notes

DLA Piper Argentina advised Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) and TCA Tanoira Cassagne advised Global Valores S.A., Balanz Capital Valores S.A.U., Banco de Servicios y Transacciones S.A., Banco Mariva S.A., SBS Trading S.A., Invertir en Bolsa S.A., Macro Securities S.A.U., Adcap Securities Argentina S.A, Cocos Capital S.A. and PP Inversiones S.A.  as placement agents, in the placement of the US$30 million Additional Class 2 Notes denominated and payable in US Dollars at a fixed rate, maturing on November 22, 2024.

The Notes were issued under the Global Program for the Issuance of Non-Convertible Notes for a face value of up to US$750 million (or its equivalent in other currencies). The Notes were issued on March 7, 2023, and will pay interest semi-annually in arrears, on May 12 and November 12 of each year.

The Notes will be additional to the Class 2 Notes previously issued by Edenor on September 22, 2022, having identical terms and conditions in all aspects, except for the issuance date, the issuance price and the first interest payment date. Thus, they are fungible with each other and constitute a single class of debt securities, for a total face value of US$60 million.

Edenor will allocate the total net proceeds resulting from the issuance to infrastructure projects. Edenor is the largest electricity distributor in Argentina in terms of number of customers and electricity sold.

DLA Piper advised Edenor, as issuer, through its partner Alejandro Noblia and its associates Federico Vieyra and Marcelo Ra.

The DLA Piper DLA Piper Latin America's team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With over 400 lawyers practicing throughout Argentina, Brazil, Colombia, Chile, Mexico, Peru, and Puerto Rico, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe to ensure our clients receive the depth of service they require to meet their legal and business objectives. team that served as internal legal counsel to Edeno included María José Pérez Van Morlegan, Federico Ponelli and Sabrina Belén Hernández.