Gibson Dunn Advises on $141 Million Senior Secured Notes Issuance for Generación Mediterránea and Central Térmica Roca.
Gibson Dunn acted as legal counsel for several financial institutions in the issuance of $141 million in Senior Secured Notes by Generación Mediterránea S.A. and Central Térmica Roca S.A. The notes, bearing an interest rate of 11.000% and maturing in 2031, were issued in connection with an exchange offer and a consent solicitation aimed at modifying existing debt terms for these energy companies.
Gibson Dunn represented J.P. Morgan Securities LLC, Santander US Capital Markets LLC, Citigroup Global Markets Inc., BCP Securities, Inc., Latin Securities S.A. Agent de Valores, and Balanz Capital Valores S.A.U. in two key roles: as initial purchasers of the New Notes and as dealer managers for the exchange offer involving outstanding 13.250% Senior Secured Notes (2026), 12.50% Senior Secured Notes (2027), and 9.625% Senior Notes (2027), collectively referred to as the Existing Notes. The total value of the exchange was approximately $215 million, with new notes being issued in exchange for the existing ones.
The New Notes are senior secured and unsubordinated obligations, which are guaranteed jointly and severally by Albanesi Energía S.A., and are secured by a first-priority lien on assets and equipment located in Argentina. Generación Mediterránea S.A. and Central Térmica Roca S.A. are both subsidiaries of the Albanesi Group, a private Argentine corporate entity operating in the energy sector.
The exchange offer and related consent solicitation were completed swiftly, with the early settlement of the issuance and consent process taking place on October 30, 2024, and the final settlement concluded on November 8, 2024.
The Gibson Dunn team, led by partner Tomer Pinkusiewicz, was instrumental in the successful execution of the transaction, with significant contributions from of counsel Rodrigo Surcan and associate Paul Rafla. Additionally, partner Kathryn Kelly, along with associates Galya Savir and Jennifer Fitzgerald, provided essential guidance on the tax-related aspects of the deal.
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