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Project Finance

 

• Our Law Firm’s experience in the structuring of project financing, including the use of the capital market as one of the financing channels, is extensive and comprises a wide range of different situations that required new designs and creativity in the search of solutions.

• Legal advice to Silica Networks Argentina S.A. in drafting for the purchase of equipment for a U$S 93,5 Million loan granted to Silica by Nortel Networks Limited, for its fiber-optic network telecommunications project covering Chile and Argentina. Drafting, negotiation and creation of guarantees, including pledges on acquired equipment, real estates fiber-optic network, motor vehicles, and the company’s telecommunications license. 

• Legal counsel to N.S.S. S.A. (I-Plan Networks) in the drafting and negotiation of a US$ 61Million Stock Purchase Agreement with Madison Dearborn and other investors, for the financing of its telecommunications company..

• Our firm acted as local counsel for the Agents and Lenders (ING Bank, Banco Río, Banco Shaw and Banco del Sud) of a credit facility to SEI y Asociados de Argentina S.A. (Southern Electric) of U$S 136 million to purchase the Alicura Dam under the Hidroeléctrica Norpatagónica S.A. (HIDRONOR) privatization procedures. 

• Under the same privatization procedure we have acted as legal counsel for ING Bank to submit to the Argentine Government U$S 129 million nominal value of Argentine internal and external debt within the debt to equity scheme.

• Legal advice to Ansaldo Argentina S.A. and Ansaldo S.P.A. on legal aspects of financing structures for the supply of turbines –including the supply of 10 turbines and generators for the Yacyretá project, a hydroelectrical power plant on the Paraná River, pursuant to the corresponding international bidding; the Costanera Generator Plant revamping and other equipments for electric power generation. Other projects, before such date, as well. 

• Counsel to the consortium composed by the NMB Postbank Groep N.V. -Thyssen-Clarkson in the Bid Nr. 14-19116-91, for the selection of the financial advisor to assist Yacimientos Petrolíferos Fiscales S.A. (YPF) in the organization and development of a process of Public Bid for the sale of YPF's fleet.

• Counsel to the NMB Postbank Groep N.V. in the National and International Public Bid for the concession of the whole Sector of the national railways network composing the General San Martín Line and the remainder of Domingo F. Sarmiento Line, excluding its urban sections.                

• Counsel to the NMB Postbank Groep N.V. in the financial engineering for the privatization of Polisur S.M.'s stock. The work was developed between February and July, 1991 and ended with the granting to the purchaser of the shares, of the necessary loans for the payment of their price.

 

Financial Trusts in Project Finance

 

• The Law Firm has participated, by itself and through its members, in the structuring of financial trusts, as summarized below. The participation of the Law Firm began at the time the Construction Financing Law (Ley de Financiamiento de la Construcción) was being discussed. The legal definition of trust was introduced in said law, amending the Civil Code. The Law Firm participated diligently through its members, in the preparation of the law drafts, the discussion thereof, and counseled the President of the Parliamentary Commission of the Chamber of Deputies in the discussions at the Parliament on the law.

• National Mortgage Bank (Banco Hipotecario Nacional): It participated in the preparation of a Specimen Trust Agreement for the financing of Construction Undertakings.      

• "Torre de los Naranjos" Trust. This Trust, intended for the financing of the construction of apartment towers was structured by means of one of the Law Firm's partners, where for the first time, the possibility of issuing Series of Securities in accordance with the financing needs was introduced.

• Camargo Trust. Financing of apartment buildings with the issuance of series in accordance with the work progress.            

• BNL Financial Trusts Program: it was structured for the issuance of different series with individual trusts, with a large range of underlying assets, mainly credit rights.               

• Fiducia Financial Trusts Multi-assets Program: bearing the same characteristics as the preceding one.    

• Columbia Financial Trust: It was structured having consumer credit agreements as underlying asset.      

• Secures Series 02 Financial Trust: The underlying assets were receivables and other documents of Angel Estrada y Cía., originated in the ordinary course of its business.        

• Financial Trust on motor vehicle pledges structured by Banco Israelita de Córdoba.     

• Private Trust created for the financing of livestock.

• Trust acting as Guarantee: The assets under the trust are made-up with the revenues originated in a hotel concession, the insurance on the real property subject to exploitation and the funds arising from the exercise of purchase options on the real property or the shares of the company that owns said hotel. This trust guarantees a loan granted by a Foreign Bank to a local company, with the purpose of a substantial reform of the real property granted under the concession, and new civil works.

• Trust as Direct Mutual Fund for "La Nación" Building. It was created to finance an offices building to be built above the present construction owned by the newspaper "La Nación".

• Financial Trust as Direct Investment Fund for "Chacras del Paraná".

• Advice for the creation of guarantee trusts for financial operations.

 

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Abeledo Gottheil Abogados