Marval advises in issuance of Aluar guaranteed secured notes

Marval, O’Farrell & Mairal advised in the issuance of Aluar Aluminio Argentino S.A.I.C. secured notes for an aggregate amount of USD 150,000,000.

The issuance took place on April 9, and the notes have a 6.7% fixed interest rate and are due in 2024.

To guarantee the payment of the secured notes, Aluar granted Citibank, in its capacity as collateral agent, a first priority interest in the export and purchase commitment agreements of Aluar for the sale of aluminum with certain customers and all proceeds arising. Aluar also granted the collateral agent a first priority security interest in all amounts credited to the collection account and all proceeds pursuant to the terms of the security and accounts agreement entered into by Aluar, Citibank, as collateral agent, and TMF Trust Company (Argentina) S.A, as the holder of the secured notes representative, which is governed by the laws of the State of New York, United States of America.
 
The notes will be listed and negotiated at the Bolsas y Mercados Argentinos S.A. and Mercado Abierto Electrónico S.A.

This transaction has an innovative structure, as the collateral as well as the payment obligation and place of payment are governed by New York law.

SBS Trading S.A. and Citicorp Capital Markets S.A. were the placement agents.

Counsel to Aluar Aluminio Argentino S.A.I.C.:

Alberto E. Martinez Costa, Mariel Rivadavia and Mónica Rosa Filipponi acted as in-house counsel.

Bomchil advised with partners Fermín Caride and María Victoria Funes, and associates Iván Bovio Marenco and Mercedes Bossi.

Counsel to the Placement Agents:

Carlos Vassallo and Armando Zungri Berhongaray acted as in-house counsel to Citicorp Capital Markets S.A.

Catalina Menendez acted as in-house counsel to SBS Trading S.A.

Marval O` Farrell & Mairal acted as legal counsel to Citicorp Capital Markets S.A. and SBS Trading S.A. with partner Gabriel G. Matarasso and associates Agustina Ranieri, Sergio Talamo and Daiana Suk.

Counsel for the Collateral structure under United States law:

Linklaters LLP advised with partner Conrado Tenaglia and stagiaire Agustín Bauer.

Counsel for Citibank N.A. under United States law:

Alston & Bird advised with Brad Johnson and Gina B. Masterson.

Counsel for TMF Group Argentina; as the holder of the secured notes local representative regarding the collaterals

Luis G. Vernet, Felipe Couyoumdjian and Sabrina Pociello acted as in-house counsel.

Marval O’ Farrell & Mairal acted as advisor with partner Roberto Silva and associate Martín Lanús.