Argentina

O'Farrell advised John Deere Credit Compañia Financiera S.A. and EGFA Abogados advised Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Banco BBVA Argentina S.A., Balanz Capital Valores S.A.U., Banco Patagonia S.A., Macro Securities S.A.U., Puente Hnos S.A. and Banco Comafi S.A., as organizers and placement agents in the offering and issuance of Series XVII Notes denominated and payable in US dollars at a fixed annual nominal rate of 7,5% and maturing in 2027 for a total amount of US$ 42,131,380. The issuance of the Series XVII Notes was carried out on May 27, 2025, under the Frequent Issuer Regime established in Section VIII, Chapter V, Title II of the CNV Regulations. The Series XVI Notes have been authorized for listing on Bolsas y Mercados Buenos Aires S.A. (BYMA) through the Bolsa de Comercio de Buenos Aires S.A. (BCBA) and for trading on the A3 Mercados S.A. (A3). Legal advice to John Deere Credit Compañía Financiera S.A. O'Farrell: Partner Sebastián Luegmayer, Senior Consultant Nicolás Fernández Madero and associate Irupé Martínez. Legal advice to the Placement Agents EGFA Abogados: Partner Carolina Curzi and associates María Constanza Martella, Agustina Weil and Marina Galíndez.  

As of May 1st, Maximiliano Yudica Bartels has been appointed as Expert Counsel in the Tax Department at Bruchou & Funes de Rioja, further consolidating his career within the firm. Maximiliano has developed his entire professional career at Bruchou & Funes de Rioja, specializing in Tax Law and Tax Planning. He has extensive experience advising both local and international corporate clients on a wide range of tax matters, including complex transactions, corporate reorganizations, banking and capital markets operations, as well as designing tax planning strategies at both local and international levels. His practice also includes legal and tax advice to mutual funds and the structuring of vehicles for projects related to real estate, private banking, and other industries, both in Argentina and abroad. Additionally, he has notable expertise in private wealth and tax planning for individuals and families, providing comprehensive advice on structuring, estate planning, and the protection of family wealth across local and international jurisdictions. With this appointment, the Tax Department at Bruchou & Funes de Rioja is now composed of five partners, one expert counsel, four senior associates, and eight associates, further strengthening its commitment to professional excellence and comprehensive client service. Commenting on the promotion, Liban Kusa, member of the Steering Committee and head of the Tax practice, stated: “Throughout his career at the firm, Maximiliano has consistently demonstrated strong commitment and a high level of professionalism, becoming a significant contributor to the growth of the Tax Department. We are proud to support him in this new stage of expanded leadership within the firm and the broader legal sector”.  This promotion reflects Bruchou & Funes de Rioja’s commitment to fostering talent and team development aimed at delivering high-quality legal services with a multidisciplinary approach and full coverage of all key practice areas required for doing business in Argentina.            

Pluspetrol S.A. (the "Company") carried out a local and international offering (the "Offering") for an aggregate principal amount of US$450,000,000 in notes maturing in 2032 (the "Notes"). The Notes will bear interest at a fixed nominal annual rate of 8.500%. Interest will be paid semiannually in arrears on May 30 and November 30 of each year, starting on November 30, 2025. The principal of the Notes will be fully amortized in a single installment, payable on the maturity date, May 30, 2032. BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC acted as initial purchasers of the Offering outside Argentina, while Galicia Capital US, LLC acted as advisor to the Company. Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., and Cucchiara y Cía. S.A. acted as local placement agents for the Offering in Argentina. Citibank, N.A. acted as trustee, registrar, transfer agent, and paying agent under the indenture entered into with the Company, and La Sucursal de Citibank, N.A., establecida en la República Argentina acted as representative of the trustee in Argentina, registrar, transfer agent, and paying agent in Argentina. The closing of the Offering took place on May 30, 2025. Legal advisors to Pluspetrol S.A. Cleary Gottlieb Steen & Hamilton LLP, New York, United States Partners Juan Giráldez and Jonathan Mendes de Oliveira, associate Nicole Muller, and international associate Micaela Mingramm. Bruchou & Funes de Rioja Partners José Bazán and Leandro Belusci, and associates Branko Serventich and Sofía Maselli. Legal advisors to the Initial Purchasers, Local Placement Agents, and the Company’s Advisor Milbank LLP, New York, United States Partner Marcelo Mottesi, special counsel Gonzalo Guitart, associate Pamela Molina, and international associate Manuel Etchevehere. Martínez de Hoz & Rueda Partners José Martínez de Hoz (grandson), Pablo Schreiber, and Jimena Vega Olmos, and associates Luisina Luchini and Marco Primo.

On May 28, 2025, Pampa Energía S.A. (“Pampa”), a leading company in the energy and oil and gas sector, issued, in the local and international markets, additional 7.875% senior unsecured notes due 2034, for an aggregate principal amount of US$340,000,000 (the “Notes”), under the frequent issuer regime from the Argentine Securities Commission (Comisión Nacional de Valores). The Notes constitute an additional issuance of Pampa’s 7.875% notes due 2034, originally issued on December 16, 2024, under the frequent issuer regime, in an aggregate principal amount of US$360,000,000 (the “Original Notes” and, together with the Notes, the “7.875% Notes due 2034”). Following this issuance, the total aggregate principal amount outstanding of the 7.875% Notes due 2034 is US$700,000,000. The transaction was carried out in accordance with Rule 144A and Regulation S of the U.S. Securities Act of 1933. The Notes have been admitted for listing on the Bolsas y Mercados Argentinos S.A., and admitted for trading on the A3 Mercados S.A. The Company will use the proceeds of the Notes (i) to redeem in full its outstanding 9.125% senior series 3 notes due 2029, and (ii) for other general corporate purposes, including without limitation any further acquisitions or integration of working capital located in Argentina or repayment of any indebtedness. Several underwriters acted as joint bookrunners and initial purchasers in the Notes offering (“Initial Purchasers”) and Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A.U. and Balanz Capital Valores S.A.U. acted as local placement agents in the Notes offering (the “Local Placement Agents”). The Bank of New York Mellon acted as Trustee, Paying Agent, Registrar and Transfer Agent under the Indenture originally entered into with Pampa and Banco Santander Argentina S.A., the latter acting as Argentine Registrar and Transfer Agent, Argentine Paying Agent and Representative of the Trustee in Argentina. Counsel to Pampa Energía S.A. Salaverri, Burgio & Wetzler Malbrán acted as local legal counsel through its team led by partner Roberto Lizondo and associates Natalia Ostropolsky, Rodrigo Durán Libaak, Francisco José Grasso, Valentina Buschiazzo Ripa and Paloma Payares. Cleary Gottlieb Steen & Hamilton LLP acted as New York legal counsel through its team led by partner Juan G. Giráldez, and associates Juan Ignacio Leguizamo and Maria Paz Canal. In-House Counsel to Pampa Energía S.A. Pampa was internally advised by Adolfo Zuberbuhler, Débora Tortosa Chavez, Julieta Castagna and Constanza Gulo as in-house financial advisors and María Agustina Montes, Maite Zornoza, Juan Manuel Recio and Camila Mindlin as in-house counsels. Counsel to the Initial Purchasers and the Local Placement Agents Bruchou & Funes de Rioja acted as local legal counsel through its team led by partners José María Bazán and Leandro E. Belusci, and associates Pedro María Azumendi, Lucía De Luca and Teo Panich. Davis Polk & Wardwell LLP acted as New York legal counsel through its team led by Maurice Blanco and counsel Drew Glover. Counsel to the Trustee, Registrar, Principal Paying Agent and Transfer Agent Emmet, Marvin & Martin, LLP acted as legal counsel through its team led by partner Matthew W. Peetz and associate Evan O’Connor.