Transportadora de Gas del Sur S.A.’s $500 Million Notes Offering


Skadden, Salaverri, Burgio & Wetzler Malbrán, Cleary Gottlieb Steen & Hamilton and Marval, O’Farrell & Mairal advised on the transaction

The transaction consisted of a Rule 144A/Regulation S offering of $500 million of TGS’s 6.750 percent senior notes due 2025 and a concurrent offer to purchase for cash TGS’s outstanding 9.625 percent notes due 2020 (the 2020 notes). The offering priced on April 26, 2018, and settled on May 2, 2018. The tender offer launched on April 19, 2018, and expired on April 26, 2018. The notes were listed on the Luxembourg Stock Exchange for trading on its Euro MTF Market and the Bolsa y Mercados Argentina S.A. (BYMA) for trading on the BYMA and on the Mercado Abierto Electrónico S.A.

TGS is currently the largest transporter of natural gas in Argentina and operates the most extensive pipeline system in Latin America in terms of length. TGS is also one of the largest processors of natural gas and one of the largest marketers of liquids in Argentina, and provides telecommunication services through a subsidiary.

Skadden advised Transportadora de Gas del Sur S.A. with a team including Alejandro González Lazzeri (Picture), Pamela Lawrence Endreny, Alejandro Ascencio, Abigail Friedman and María Paula Lusich Marinoni.

In Argentina, Salaverri, Burgio & Wetzler Malbrán advised Transportadora de Gas del Sur S.A. with Diego Salaverri, Roberto Lizondo, Marcos G. Linares, Pablo Fernández Pujadas, César Facundo Lombardi, Sebastián Hochbaum and Carolina Daher.

Cleary Gottlieb represented HSBC Securities (USA) Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, and Santander Investment Securities Inc. acting as initial purchasers in the offering and acting as dealer managers in TGS’s concurrent tender offer with a team including Juan G. Giráldez, Adam J. Brenneman, Elizabeth S. Freedman, Nicolás Vial and Silvia Fittipaldi.

In Argentina, Marval, O’Farrell & Mairal advised the initial purchasers and dealers managers with Ricardo W. Beller, Pedro Matías Brouchy, Osvaldo Norte Sabino (h) and Daiana Suk.

Involved fees earner: Diego Salaverri – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Roberto Lizondo – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Marcos Linares – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Pablo Fernandez Pujadas – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; César Facundo Lombardi – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Carolina Daher – Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Ricardo Beller – Marval, O’Farrell & Mairal; Pedro Matias Brouchy – Marval, O’Farrell & Mairal; Osvaldo Norte Sabino (h) – Marval, O’Farrell & Mairal; Daiana Suk – Marval, O’Farrell & Mairal; Alejandro Gonzalez Lazzeri – Skadden Arps Slate Meager & Flom; Alejandro Ascencio – Skadden Arps Slate Meager & Flom; Maria Paula Lusich Marinoni – Skadden Arps Slate Meager & Flom; Pamela Lawrence Endreny – Skadden Arps Slate Meager & Flom; Abigail Friedman – Skadden Arps Slate Meager & Flom; Juan Giráldez – Cleary Gottlieb Steen & Hamilton; Adam Brenneman – Cleary Gottlieb Steen & Hamilton; Elizabeth Freedman – Cleary Gottlieb Steen & Hamilton;

Law Firms: Salaverri, Dellatorre, Burgio & Wetzler Malbrán; Marval, O’Farrell & Mairal; Skadden Arps Slate Meager & Flom; Cleary Gottlieb Steen & Hamilton;

Clients: JP Morgan; Banco Santander Río S.A.; Banco Itaú Argentina S.A.; HSBC Bank Argentina S.A.; Transportadora de Gas del Sur S.A. ;

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Author: Ambrogio Visconti