Bruchou & Funes de Rioja

On February 19, 2025, Open Cars Group entered into a share purchase agreement to acquire 100% of the share capital and voting rights of Mercedes Benz Argentina S.A.U. (now Prestige Auto S.A.U.) from Mercedes-Benz Group, which was completed on June 17, 2025. The transaction includes the indirect acquisition of a controlling interest in Círculo Cerrado S.A. de Ahorro para Fines Determinados, a local vehicle savings plan company. The transaction covers the production of vans in Argentina, the wholesale distribution of both locally produced vans and imported cars in Argentina, and operation on an after-sales business in the national market. This transaction strengthens the efficiency of the automotive sector and positions the parties as key players in the modernization and growth of the industry in Argentina, as it marks a significant step in the strategic realignment of the Mercedes-Benz Group’s operations in Argentina. Following the closing of the transaction, MBA will continue to operate as an independent entity under its new corporate name, Prestige Auto S.A.U. Bruchou & Funes de Rioja advised Open Cars Group, including Daniel Herrero (former CEO of Toyota Argentina), Alfonso Prat-Gay and Santiago Palay, with a team led by partner Santiago Balbi, senior associates Agustina Rocca and Federico Vicente, and associates Delfina Nécol, Santiago Cleti, and Josefina De la Torre (General Corporate and M&A), and partner Gabriel Lozano (Competition and Antitrust). Allende & Brea advised Mercedes-Benz Group, with a team led by partner Valeriano Guevara Lynch, senior associate Nicole Dillon, and associates Micaela Zárate and Micaela Kim (General Corporate and M&A).  

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.

Bruchou & Funes de Rioja advised JPMorganChase on the negotiation of the lease agreement for an entire office building located in Centro Empresarial Núñez (CEN), a prime location within the northern corridor of the City of Buenos Aires. The building, developed by RAGHSA comprises a total surface area of 23,000 square meters. JPMorganChase will occupy more than 20 floors, reinforcing its presence in the country, where it already employs over 3,800 people. Furthermore, as part of this transaction, JPMorganChase agreed to temporarily extend and expand its lease at Belgrano Office, as well as to lease approximately 7,500 square meters at Centro Empresarial Libertador (CEL), both properties owned by RAGHSA. This transaction marks a milestone for the local office market and stands as the most significant corporate lease transaction in the last 20 years due to its scale, further consolidating the northern corridor of the City of Buenos Aires as a strategic business hub. Bruchou & Funes de Rioja’s Real Estate Department advised JPMorganChase through a team led by partner Exequiel Buenaventura, along with senior associate Federico Vicente and associate Santiago Cleti García. The internal legal team at JPMorganChase was led by Yanina Odriozola, Vice President and Assistant General Counsel, Paula Bressan, Executive Director and Assistant General Counsel, and Mariana Álvarez Gaiani, Managing Director and General Counsel for Argentina, Bolivia, Uruguay and Paraguay at JPMorganChase. Nicholson y Cano advised RAGHSA through its Real Estate Department, led by partner Agustín Pérez Cambiasso, along with senior associate Silvia Haurie and associate Augusto Seguetti. In addition, Juan Pablo Morad, Director at RAGHSA, acted as in-house counsel in this transaction.

Bruchou & Funes de Rioja advised YPF S.A. and TCA Tanoira Cassagne advised Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., TPCG Valores S.A.U, Max Capital S.A. and Banco Comafi S.A. as placement agents, in YPF S.A.’s issuance of additional class XXX notes for an aggregate value of US$204,000,000 (the “Notes”). The Notes are additional to Class XXX Notes originally issued by YPF S.A. on July 1, 2024, under its Frequent Issuer Regime. The Notes are denominated in dollars and payable in argentine pesos at the applicable exchange rate, will accrue interest at a fixed rate of 1.00% and will mature on July 1, 2026. The Notes were listed on A3 Mercados and BYMA. YPF S.A. is a company dedicated to the exploitation of hydrocarbon products and their derivatives in Argentina. The company’s stocks are publicly traded both in Argentinian local markets as well as in the NYSE (New York Stock Exchange). Legal counsel to YPF S.A. Bruchou & Funes de Rioja: Partners José María Bazán and Leandro Exequiel Belusci, and associates Branko Serventich and Gonzalo Javier Vilariño. Internal Legal counsel to YPF S.A. Paola Garbi, Fernando Gomez Zanou, Valeria Moglia, Francisco Gaspari and Marina Quinteiro. Legal counsel to the Placement Agents: TCA Tanoira Cassagne: Partners Alexia Rosenthal and Ignacio Criado Díaz and associates Carolina Mercero and Stefanía Lo Valvo.

Bruchou & Funes de Rioja asesoró a YPF S.A. y TCA Tanoira Cassagne asesoró a Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., TPCG Valores S.A.U., Max Capital S.A. y Banco Comafi S.A. como colocadores, en la emisión de las obligaciones negociables adicionales clase XXX por un valor nominal de US$204.000.000 (las “Obligaciones Negociables”). Las Obligaciones Negociables son adicionales a las Obligaciones Negociables Clase XXX originalmente emitidas por YPF S.A. el 1 de julio de 2024 bajo el Régimen de Emisor Frecuente. Las Obligaciones Negociables están denominadas en dólares estadounidenses y serán pagaderas en pesos argentinos al tipo de cambio aplicable, devengarán intereses a una tasa del 1,00% nominal anual y vencerán el 1 de julio de 2026. Las Obligaciones Negociables han sido autorizadas para su listado en A3 Mercados y BYMA. YPF S.A. es una empresa dedicada a la explotación de recursos hidrocarburíferos en la República Argentina. Las acciones de la compañía listan en mercados locales y a su vez que también listan en el NYSE (Bolsa de Valores de Nueva York). Asesoramiento legal a YPF S.A. Bruchou & Funes de Rioja: Socios José María Bazán y Leandro Exequiel Belusci, y asociados Branko Serventich y Gonzalo Javier Vilariño. Asesoramiento legal interno de YPF S.A. Paola Garbi, Fernando Gomez Zanou, Valeria Moglia, Francisco Gaspari y Marina Quinteiro. Asesoramiento legal a los Colocadores TCA Tanoira Cassagne: Socios Alexia Rosenthal e  Ignacio Criado Díaz y asociadas Carolina Mercero y Stefanía Lo Valvo.

Bruchou & Funes de Rioja y Clifford Chance LLP actuaron como asesores legales de Vista Energy Argentina S.A.U, subsidiaria de Vista Energy, S.A.B. de C.V. (“Vista Energy”), en la adquisición del 100% del capital social y los derechos de voto de Petronas E&P Argentina S.A. a Petronas Carigali Canada B.V. y Petronas Carigali International E&P B.V. (“Petronas”). Esta transacción representa un paso estratégico para Vista Energy en su crecimiento en Vaca Muerta, una de las formaciones de hidrocarburos no convencionales más prometedoras del mundo. A través de esta adquisición, Vista Energy consolida una participación del 50% en la concesión de hidrocarburos no convencional La Amarga Chica (operada por YPF S.A.), el segundo bloque de mayor producción en la ventana de crudo negro de Vaca Muerta, y asegura una capacidad significativa de evacuación de crudo en proyectos clave de infraestructura, principalmente destinados a exportación. La transacción involucró una estructura compleja ya que incluyó, entre otras, una combinación de diferentes formas y métodos de pago —incluyendo pagos al cierre, pagos diferidos y la emisión de ADSs— y la necesidad de acquisition financing a través de una línea de crédito de mediano plazo. La operación también requirió una sofisticada estrategia legal multijurisdiccional y una estrecha coordinación con equipos legales de México, Nueva York y el Reino Unido, abordando cuestiones regulatorias, societarias, de financiamiento e impositivas en todas estas jurisdicciones. El equipo de Bruchou & Funes de Rioja, liderado por el socio Nicolás Dulce y la senior associate Agustina Rocca, asesoró a Vista Energy en todos los aspectos de esta operación emblemática, con el apoyo de los asociados María Bourdieu, Josefina De La Torre, Santiago Cleti y Sofía Guevara Lynch. El equipo también incluyó al socio José Bazán y al senior associate Ramón Poliche (financiamiento de adquisiciones – Banking y Mercado de Capitales), la socia Florencia Angélico y el asociado Ezequiel Castello (Gobierno Corporativo), y el socio Pablo Muir (Impuestos). El equipo de Clifford Chance LLP (Londres) fue liderado por el socio Steven Fox y los asociados Olivia Higgs y Tom Masters; y su equipo de Nueva York fue liderado por los socios David Brinton y Carla Ruggero, reafirmando la experiencia de ambos estudios en transacciones complejas, de alto perfil y con alcance internacional en la industria del petróleo y gas. Adicionalmente, Vista Energy fue asesorada por Creel, García-Cuéllar, Aiza y Enríquez (México), liderado por el socio Carlos Zamarrón, el counsel Crisanto Sánchez Carrillo y los asociados Alejandro González Cruz y Juan Carlos Hernández Peláez; y por Cleary Gottlieb Steen & Hamilton LLP (Nueva York), liderado por el socio Manuel Silva junto con los asociados Rodrigo López Lapeña y Lara Gomez Tomei. El equipo legal interno de Vista fue liderado por Pablo De Michelis y Nicolás Marino, del equipo de Desarrollo de Negocios, y Rosario Maffrand, abogada in-house. Mayer Brown LLP asesoró a Petronas con un equipo liderado por el socio Pablo Ferrante junto con el socio Bob Palmer y las senior associates Federica Castro y Lucía Londoño. Petronas también fue asesorada localmente por Marval O’Farrell & Mairal, con un equipo integrado por los socios Francisco Macías, María Laura Bolatti Cristofaro, Soledad Riera, Bárbara Ramperti, Francisco Abeal, Luciana Virgile y los asociados María Virginia Canzonieri, Gabriel Fortuna, María Victoria Gonzalez y Gabriela Vidart Egaña. Con esta adquisición, Vista Energy se convierte en el mayor productor independiente de petróleo en Argentina, con una inversión acumulada de más de USD 6.000 millones desde 2018.

Bruchou & Funes de Rioja has appointed Leandro Exequiel Belusci and Pablo Crimer as new partners in its Banking & Capital Markets and Environmental Law Departments, respectively, effective April 1st. Leandro E. Belusci has developed his career in the field of banking and capital markets law for over ten years at the firm. He has advised banks, companies, and investment funds in both local and international financing and debt issuance transactions, participating in some of the most complex, innovative, and high-value deals in the country. In 2017-2018, he worked as an international associate in the Global Capital Markets department of Milbank LLP in New York. With this promotion, the Banking team now has six partners exclusively dedicated to this practice, reinforcing its position as the largest team of banking law specialists in the Argentine market. Commenting on his appointment, Hugo N. Bruzone, Head of the Banking & Capital Markets Department and member of the firm’s Executive Committee and Board of Directors, stated: “We are very proud of Leandro’s appointment as a partner in our department. Since joining the firm, he has demonstrated exceptional commitment and a highly professional approach. His promotion reinforces the leadership of our Banking practice in the Argentine market, strengthened by his involvement in the most relevant transactions in the sector.” Pablo Crimer was appointed partner of the Environmental Law Department. With more than 17 years of experience, he specializes in providing comprehensive advice to companies on environmental, sustainability, and ESG matters. In 2024, he was appointed Expert Counsel at the firm, and since then has led the Environmental Law team. He has actively worked on matters involving environmental compliance, climate change, permitting, litigation, public policy, renewable energy, community relations, and carbon markets, among others. Pablo’s promotion reflects a unique commitment in the local legal market, as he is one of the few partners in a leading full-service firm dedicated exclusively to environmental law. In this regard, Rodrigo Funes de Rioja, also a member of the Executive Committee and Board of Directors, stated: “Pablo’s promotion reaffirms the firm’s strong commitment to strengthening our capabilities in environmental risk management and sustainability. Through our Climate Action and Sustainable Business Platform, we have been advancing an agenda that positions Bruchou & Funes de Rioja as a key player in the transition toward business models aligned with evolving regulatory demands. Pablo’s leadership, broad perspective, and technical expertise have been instrumental in consolidating a team that today stands out as a market reference, offering tailored solutions to clients across a wide range of industries.” The promotion of Leandro Exequiel Belusci and Pablo Crimer brings the firm’s total number of partners to 53. These appointments are part of Bruchou & Funes de Rioja’s ongoing commitment to excellence, innovation, and the professional development of its team, reinforcing its position as the most comprehensive and specialized legal platform for doing business in Argentina.  

El pasado 1 de abril, Leandro Exequiel Belusci y Pablo Crimer fueron promovidos como nuevos socios de los Departamentos de Derecho Bancario & Mercado de Capitales y Derecho Ambiental, respectivamente, en Bruchou & Funes de Rioja. Leandro E. Belusci desarrolló su carrera en el área de Derecho Bancario & Mercado de Capitales durante más de diez años en la firma. Ha asesorado a bancos, empresas y fondos de inversión en operaciones de financiamiento y emisiones de deuda, tanto locales como internacionales, participando en algunas de las transacciones más complejas, innovadoras y de mayor volumen del país. En 2017-2018 se desempeñó como abogado internacional en el departamento de Global Capital Markets de Milbank LLP, en Nueva York. Con esta promoción, el Departamento pasa a contar con seis socios dedicados exclusivamente a esta práctica, convirtiéndose en el equipo con la mayor cantidad de socios especializados en Derecho Bancario del mercado argentino. En relación con su nombramiento, Hugo N. Bruzone, Head del Departamento de Derecho Bancario & Mercado de Capitales, miembro del Consejo de Administración y del Directorio de la firma, destacó: “Estamos muy orgullosos de la designación de Leandro como socio de nuestro Departamento. Desde que ingresó al Estudio demostró un compromiso excepcional y un enfoque profesional impecable. Su promoción refuerza el liderazgo de nuestra práctica de Derecho Bancario en el mercado argentino, consolidada por su participación en las operaciones más relevantes del sector.” Por su parte, Pablo Crimer fue designado socio del Departamento de Derecho Ambiental. Con más de 17 años de experiencia, se especializa en el asesoramiento integral a empresas en asuntos ambientales, de sustentabilidad y ESG. En 2024 fue nombrado Consultor Experto de la firma, liderando desde entonces el equipo ambiental. Ha trabajado activamente en asuntos de cumplimiento ambiental, cambio climático, permisos, litigios, políticas públicas, energías renovables, relaciones comunitarias y mercados de carbono, entre otros temas. La designación de Pablo marca una apuesta diferencial en el mercado local, al tratarse de uno de los pocos socios dedicados exclusivamente a temas ambientales en una firma full-service de primer nivel. Al respecto, Rodrigo Funes de Rioja, también miembro del Consejo de Administración y del Directorio, comentó: “La promoción de Pablo reafirma el compromiso del Estudio con el fortalecimiento de nuestras capacidades en gestión legal de riesgos ambientales y sostenibilidad. A través de la Plataforma de Cambio Climático y Negocios Sustentables venimos impulsando una agenda que posiciona a Bruchou & Funes de Rioja como un actor clave en la transición hacia modelos de negocio alineados con las actuales exigencias regulatorias. El liderazgo de Pablo, su visión integral y su experiencia técnica, han sido determinantes para consolidar un equipo que hoy es referente en la materia, brindando soluciones a nuestros clientes en una amplia variedad de industrias”. La promoción de Leandro Exequiel Belusci y Pablo Crimer eleva a 53 el número total de socios de la firma. Ambas designaciones se inscriben en el compromiso constante de Bruchou & Funes de Rioja con la excelencia, la innovación y el desarrollo profesional de su equipo, consolidando su posición como la plataforma legal más completa y especializada para hacer negocios en Argentina.

Martínez de Hoz & Rueda advised Pan American Energy, S.L., Argentine Branch, a leading integrated energy company in Argentina, and Bruchou & Funes de Rioja advised a syndicate of 14 financial institutions, in the granting of a syndicated loan for an amount of US$336,000,000 under Argentine law (the “Syndicated Loan”). The syndicate was formed by Banco BBVA Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Valores S.A., Banco Industrial S.A., Nuevo Banco de Santa Fe S.A., Banco de la Provincia de Buenos Aires, Banco del Chubut S.A., Banco Piano S.A., Nuevo Banco de Entre Ríos S.A., Banco Patagonia S.A., Banco de la Nación Argentina, and Banco Comafi S.A. (the “Lenders”). The Syndicated Loan represents one of the largest local loans of the last decade. Additionally, it is worth highlighting the large number of financial institutions participating as lenders. Banco BBVA Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., and Banco Santander Argentina S.A. acted as arrangers of the Syndicated Loan. Additionally, Banco BBVA Argentina S.A. acted as administrative agent. Legal advisors to Pan American Energy, S.L., Argentine Branch: Martínez de Hoz & Rueda – Partner José Martínez de Hoz (Nieto) and associates Luisina Luchini and Marco Primo. In-house legal team – Fernando Fresco, Dolores Reimundes, and Ignacio Gonzalez Padin. Legal advisors to the Lenders: Bruchou & Funes de Rioja – Partner José Bazán and associates Sebastián Pereyra Pagiari, Pedro Azumendi, and Lucía De Luca.  

Bruchou & Funes de Rioja advised Pluspetrol S.A (“Pluspetrol”), in the entry to the Public Offering Regime of the Argentine Securities and Exchange Commission and in the creation of the Global Notes Program of up to US$1,000,000,000 (or its equivalent in other currencies or units of measure or value) (the “Program”). Under the Program, Bruchou & Funes de Rioja advised Pluspetrol and TCA Tanoira Cassagne advised Banco de Galicia y Buenos Aires S.A.U. and Banco Santander Argentina S.A., as arrangers and placement agents (the “Arrangers and Placement Agents”), and Balanz Capital Valores S.A.U., SBS Trading S.A., Banco Patagonia S.A., Latin Securities S.A., Industrial Valores S.A., Banco de la Provincia de Buenos Aires, Macro Securities S.A.U., Invertironline S.A.U., Banco Supervielle S.A., Banco Comafi S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de la Ciudad de Buenos Aires, Puente Hnos. S.A., and Banco de Valores S.A. as placement agents (the “Placement Agents”) in the successful issuance of (i) the Class 1 Notes for an amount of US$74,164,370, denominated and payable in U.S. Dollars, with a fixed rate of 6.00%, maturing on January 27, 2028 (the "Class 1 Notes") and (ii) the Class 2 Notes for an amount of US$123,020,337, denominated and payable in U.S. Dollars, with a fixed rate of 7.50%, maturing on January 27, 2030 (the “Class 2 Notes”, and together with the Class 1 Notes, the "Notes”). The Notes were listed on the Mercado Abierto Electrónico S.A. (“MAE”) and Bolsas y Mercados Argentinos S.A. (“BYMA”) and were rated AAA(Arg) by FIX SCR S.A. Agente de Calificación de Riesgo with a stable outlook. Pluspetrol is a benchmark in the operation of unconventional reservoirs, in the development of high-pressure gas fields, and in the extraction of crude oil in mature reservoirs with secondary and tertiary recovery. With an interest in the future, the company is making important investments in the country, and its position in Vaca Muerta formation, one of the largest unconventional hydrocarbon reservoirs in the world, stands out. Legal counsel to Pluspetrol Bruchou & Funes de Rioja: Partner José María Bazán and associates Leandro Belusci, Sofía Maselli and Branko Serventich. Legal counsel to the Arrangers and Placement Agents TCA Tanoira Cassagne: Partners Alexia Rosenthal, Jaime Urganga, Rocio Carrica and Ignacio Criado Díaz and associates Carolina Mercero, Teófilo Jorge Trusso, Stefania Lo Valvo and Florencia Ramos Frean.  

Tecpetrol S.A. (“Tecpetrol”) successfully completed its offering of U.S.$ 400,000,000 7.625% fixed notes due 2033 (the “Notes”).Tecpetrol is a leading participant in the oil and gas industry, and its activities include the exploration, exploitation and transport of hydrocarbons. The Notes were issued on January 22, 2025 and were placed in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933. Tecpetrol will use the proceeds from the offering in accordance with the requirements of Article 36 of the Negotiable Obligations Law. Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., Macro Securities S.A.U. and Balanz Capital Valores S.A.U. acted as local placement agents (the “Local Placement Agents”). Tecpetrol S.A. FINMA S.A.I.F. acted as Argentine counsel to Tecpetrol through Fernando Moreno and Clara Sereday. Linklaters LLP, acted as New York counsel to Tecpetrol through partner Matthew Poulter, Counsel Emilio Minvielle, Linklaters’ Head of Mexico Group Alberto García Linera and associate Thomas Tiphaine Koffman. Initial Purchasers and Local Placement Agents A&O Shearman acted as New York counsel to the Initial Purchasers through partner Alejandro A. Gordano and visiting attorneys Moises Gonzalez and Delfina Meccia. Bruchou & Funes de Rioja acted as Argentine counsel to the Local Placement Agents through partner Alejandro Perelsztein, and associates Leandro Belusci, Sebastián Pereyra Pagiari, Malena Tarrío and Gonzalo Javier Vilariño.  

Bruchou & Funes de Rioja acted as Argentine legal counsel to BBVA Securities Inc., Citigroup Global Markets Inc., Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC,and Balanz Capital UK LLP (the “Initial Purchasers”) in the issuance by Arcos Dorados B.V., a Dutch private limited liability company (the “Company”), of its US$600,000,000 6.375% Senior Notes due 2032 (the “Notes”). The Notes will be fully and unconditionally guaranteed by Arcos Dorados Holdings, Inc., a British Virgin Islands company that indirectly controls the Company, and certain other current and future subsidiaries of the Company, including Arcos Dorados Argentina S.A. Arcos Dorados Argentina S.A. was internally advised by Juan David Bastidas, Chief Legal Counsel and Compliance, María Cecilia Aicardi, as Legal Director for the South Latin America Division, and María Victoria Bellocq, as Legal Manager for Corporate Affairs. Special legal counsel to the Company in the United States: Davis Polk & Wardwell LLP, through the team led by partner Maurice Blanco, associate Agustín Lopez Roulades’, and foreign temporary associate Carolina De Narváez. Special legal counsel to the Company in Argentina regarding corporate matters: BRYA ABOGADOS, through the team led by associate Eleazar Christian Meléndez. Special legal counsel to the Initial Purchasers in the United States: Milbank LLP, through the team led by partner Marcelo A. Mottesi, special counsel Gonzalo Guitart, associate Marco Zaldivar, and international attorney Manuel H. Etchevehere. Argentine legal counsel to the Initial Purchasers: Bruchou & Funes de Rioja, through the team led by partner Analía Battaglia and associates Ramón Augusto Poliche and Quimey Waisten.  

On January 17, 2025 YPF S.A. (“YPF”), the largest Argentine company mainly engaged exploitation of hydrocarbon products and their derivatives in Argentina,issued its fixed annual interest rate senior notes due 2034, for an aggregate principal amount of US$1,100,000,000 under the frequent issuer regime from the Argentine Securities Commission (Comisión Nacional de Valores). The Notes will be listed on the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF Market of the Luxembourg Stock Exchange, on the Mercado Abierto Electrónico and Bolsas y Mercados Argentinos. BBVA Securities Inc., Deutsche Bank Securities Inc., Itau BBA USA Securities, Inc. and Santander US Capital Markets LLC acted as initial purchasers (the “Initial Purchasers”), Latin Securities S.A., Agente de Valores acted as book-runner (the “Book-Runner”), and Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A.U., Balanz Capital Valores S.A.U., Macro Securities S.AU., Latin Securities S.A. y Banco CMF S.A. acted as local placement agents (the “Local Placement Agents”). The Bank of New York Mellon acted as Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent under the Indenture signed with YPF (the “Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent”) and Banco Comafi S.A. as Registrar, Paying Agent, Transfer Agent and Representative of the Trustee in Argentina. On January 16, 2025 YPF announced the expiration and final results of its cash tender offer for any and all of its outstanding 8.500% Senior Notes due 2025 (the “2025 Notes” and the “Tender Offer”, respectively). Eligible holders tendered 2025 Notes for a value of US$314,922,000. These 2025 Notes were purchased and cancelled by YPF on January 17, 2025. BBVA Securities Inc., Deutsche Bank Securities Inc., Itau BBA USA Securities Inc., Latin Securties S.A., Agente de Valores and Santander US Capital Markets LLC acted as dealer managers (the “Dealer Managers”) and Banco CMF S.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., Macro Securities S.A.U, and Latin Securities S.A acted as local dealer managers (the “Local Dealer Managers”) YPF will redeem the outstanding principal amount of the 2025 Notes on February 17, 2025. Counsel to YPF Bruchou & Funes de Rioja acted as legal counsel through its team lead by partner José Bazán and associates Leandro Belusci, Branko Serventich, Malena Tarrío, Quimey Waisten and Lucia de Luca. Cleary Gottlieb Steen & Hamilton LLP acted as New York legal counsel through its team led by partner Juan G. Giráldez, associates Ignacio Lagos, Juan Ignacio Leguízamo and Lucas Davidenco. In-House Counsel to YPF: YPF S.A. was advised by its in-house legal team comprising attorneys Fernando Gómez Zanou, Marina Quinteiro, Paola Garbi and Valeria Moglia. Counsel to the Initial Purchasers, the Book-Runner, the Local Placement Agents, the Dealer Managers and the Local Dealer Managers: TCA Tanoira Cassagne acted as legal counsel through its team lead by partners Alexia Rosenthal, Rocío Carrica and Ignacio Criado Díaz and associates Carolina Mercero, Stefanía Lo Valvo. Milbank LLP acted as New York legal counsel through its team led by partner Carlos Albarracín, special counsel Gonzalo Guitart, associates Agustin Videla and Pamela Molina, and international lawyer Manuel Etchevehere. Counsel to the Trustee, Co-Registrar, Principal Paying Agent and Transfer Agent Jones Walker LLP acted as legal counsel through its team led by partner Scott T. Zander.  

Bruchou & Funes de Rioja acted as deal counsel in the recent issuance and inaugural public offering in Argentina of trust securities secured for a nominal value of 24,100,000 UVA, at a fixed annual nominal rate of 7%, which includes a structure of fixed and variable amortizations that can be postponed, providing the trust structure with greater flexibility (the 'Trust Securities'). The trust assets assigned to the Trust are the purchase agreements entered into by the trustor under the real estate development 'MilAires', which is developed by Grupo ECIPSA and is located in the district of Devoto, City of Buenos Aires (https://milaires.com/). TMF Trust Company (Argentina) S.A. participated as trustee, the Fideicomiso Inmobiliario Naasé, as trustor (the 'Trustor'), ECIPSA Holding S.A. as guarantor, Balanz Capital Valores S.A.U. as organizer and placement agent, and Banco Supervielle S.A. and Banco de la Ciudad de Buenos Aires as placement agents. The obligations of the Trustor within the framework of the Trust are jointly guaranteed by ECIPSA Holding S.A., which, in turn, has issued promissory notes in favor of the Trust. The Argentine Exchange Commission (the 'CNV') authorized the public offering of the Trust Securities on December 16, 2024, with the same being issued on December 26, 2024, and admitted for listing and trading on the Mercado Abierto Electrónico S.A. and on Bolsas y Mercados Argentinos S.A. Additionally, on September 9, 2024, the Trust issued initial trust securities without a public offering for a nominal value of 18,500,000 UVA, which were delivered in kind to subscribe part of the Trust Securities. Grupo ECIPSA is a business holding company comprised of developers and trustees in the real estate market, with a presence in six countries. With more than 45 years of experience, it has over 100 consolidated projects, more than 13,500 units delivered, and over 2,000 hectares developed. Bruchou & Funes de Rioja acted as legal advisor for the transaction through the team led by partner José María Bazán along with associates Leandro Exequiel Belusci, Quimey Lía Waisten, Sofía Maselli, and Branko Serventich. TMF Trust Company (Argentina) S.A. was advised by in-house lawyers Leonardo Pirolo, Tomás Bruno and Rosario Tapia. Grupo ECIPSA was advised by in-house lawyers Germán González and Sandra Alvarez.  

Bruchou & Funes de Rioja advised on the Initial Public Offering (IPO) of ECOGAS Inversiones S.A. (“ECOGAS”) through the public offer for subscription of shares in kind and voluntary exchange addressed to (i) all shareholders holding Class “B” common shares of Distribuidora de Gas del Centro S. A. (“DGCe”), and (ii) all shareholders holding Class “B” and “C” common shares of Distribuidora de Gas Cuyana S.A. (“DGCu”), (“DGCu”). A. (“DGCe”), and (ii) all shareholders holding Class “B” and “C” common shares of Distribuidora de Gas Cuyana S.A. (“DGCu”) to be exchanged for new Class D common shares of ECOGAS. The transaction is the first IPO paid for in kind through the delivery in exchange of shares of two companies admitted to the public offering regime (DGCu and DGCe). As a result of the Exchange Offer, ECOGAS (by aggregating its holdings of Class “A” and Class “B” shares of DGCu) will own 93.10% of the total capital stock of DGCu; while, by aggregating its holdings of Class “A” and Class “B” shares of DGCe, it will own 81.64% of the total capital stock of DGCe. Banco de Valores S.A., Puente Hnos. S.A. and Balanz Capital Valores S.A.U., participated as Organizing Agents of the Exchange Offer. In turn, Caja de Valores S.A. acted as Exchange Agent. Bruchou & Funes de Rioja was the only law firm advising on the transaction.