ZBV Abogados

By Carolina Zang. Lawyer, Partner at Zang, Bergel & Viñes AbogadosWith more than 30 years of experience, she specialises in corporate legal advisory with a focus on finance, capital markets, debt restructuring, investment funds, private equity, venture capital, M&A, real estate and corporate governance. Carolina Zang is one of the most recognised voices in financial and corporate law in the region, combining technical excellence with a strategic perspective that has positioned her as a reference in finance, capital markets and corporate governance. Beyond her legal expertise, she is also distinguished by her commitment to diversity, inclusion and pro bono work.One of the most significant challenges of my professional life has been supporting the transformation of a law firm with a strong family legacy into a more institutional structure—without losing what makes it valuable and distinctive.These firms bring identity, history and continuity. They also rely on informal dynamics and generational ways of making decisions. The challenge is not to replace that model, but to make it sustainable.This requires rethinking processes, dynamics, strategies and execution. It means moving from intuition to a management model, and from individual protagonism to shared responsibility.Change in these environments impacts identity and relationships, and requires judgment, timing and consistency.What matters most is direction, more than speed—allowing the firm to evolve without forcing disruption.This story takes place in Argentina, within a context that is rarely stable and often unpredictable. Building and sustaining an institution over time in such an environment requires constant adaptation, resilience and the ability to operate without having all the answers.Looking back, success was not defined by a visible transformation, but by continuity: ensuring that the firm did not stop, fragment or become irrelevant. Reaching 50 years as an active and competitive organisation is, in itself, meaningful. This is not the result of individual effort. It depends on partners and teams willing to challenge existing models and build together.For me, this experience reinforced a simple view of leadership: it is about driving change and creating the conditions for it to happen.The goal was always clear: to move forward without losing identity and without depending on a single individual.My thanks to the colleagues, clients and friends of the firm who join us in celebrating this milestone, and to those who continue to engage with generosity and support.

SERIES NO. LIII ADDITIONAL NOTES OF CRESUD SOCIEDAD ANÓNIMA COMERCIAL, INMOBILIARIA, FINANCIERA Y AGROPECUARIA ZBV Abogados advised Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (“Cresud” or the “Company”) in the issuance of Series No. LIII Additional Notes (the “Series LIII Additional Notes” or the “Notes”), under its Global Notes Program (not convertible into shares) for up to USD 500,000,000 (US Dollars five hundred million) (or its equivalent in other currencies or units of value). Pérez Alati, Grondona, Benites & Arntsen advised BACS Banco de Crédito y Securitización S.A., Banco Hipotecario S.A., Banco Santander Argentina S.A., Banco de Galicia y Buenos Aires S.A., Banco de la Provincia de Buenos Aires, Puente Hnos. S.A., Futuros y Opciones.com S.A., Invertir en Bolsa S.A., Banco Patagonia S.A., Banco BBVA Argentina S.A., Allaria S.A. and Balanz Capital Valores S.A.U., as placement agents of the Notes (the “Placement Agents”). On August 31, 2026, Cresud successfully completed the issuance of the Series LIII Additional Notes for an aggregate amount of USD 40,420,132 (US Dollars forty million four hundred twenty thousand one hundred thirty-two). The Series LIII Additional Notes will mature on April 30, 2030, and bear a fixed interest rate of 6.25% per annum. The issuance price was 102.88% of par value. The offer was directed to the local market and the Notes have been authorized for listing on Bolsas y Mercados Argentinos S.A. and for negotiation in the A3 Mercados S.A. Counsel to CRESUD. ZBV Abogados acted as counsel through Carolina Zang, María Angélica Grisolia Nadia Dib, Juan Cruz Cañete Larivey and Francisco Vigil. Counsel to the Placement Agents  Pérez Alati, Grondona, Benites & Arntsen acted as legal advisor to the placement agents through Diego Serrano Redonnet, Nicolás Aberastury, Juan Ignacio Rodríguez Goñi, Tamara Friedenberger and Catalina Hermida Pini. 

The real question is no longer whether a company will face change, but when it will decide to address it.There is a fairly widespread belief that financial difficulties arise when the economy enters a crisis. Experience shows, however, that periods of greater stability can also become a turning point for many organizations. When the rules of the game change, so do the demands placed on businesses. Business models that once appeared sustainable may no longer deliver the same results. Financing structures designed for a different reality may lose their effectiveness, and sectors that operated under certain conditions for years must adapt to a new logic. Far from being a contradiction, this is a natural consequence of any economic transformation.Argentina appears to be going through precisely such a moment. Slowing inflation, greater predictability and expectations of renewed investment flows are opening opportunities that seemed distant not long ago. At the same time, this environment is forcing companies to reassess decisions that had made sense for many years.Competition is intensifying, access to credit is beginning to respond to new variables, and efficiency is once again taking center stage. Throughout this process, many companies are discovering strengths that allow them to grow, while others are identifying weaknesses that had previously remained hidden. This is not necessarily because their businesses were poorly managed, but because they were designed to operate in a completely different environment.This is where a word that is still frequently misunderstood comes into play: restructuring.It is often associated exclusively with insolvency proceedings or critical situations. That view is incomplete. In practice, restructuring involves much more than a judicial procedure. It means reviewing a company’s economic structure, redefining priorities, analyzing financing alternatives, reorganizing operations, considering the incorporation of new partners, or reaching agreements that preserve value before the situation becomes more complicated and the available room for action is reduced.In other words, restructuring does not always represent the end of a cycle. In many cases, it marks the beginning of a new phase.At ZBV Abogados, we have seen that the best outcomes are rarely the result of improvisation. The strongest solutions emerge when problems are identified early, while several alternatives are still available for consideration. Almost invariably, the most successful cases are those in which all parties act proactively rather than reactively.This same shift in perspective has also reached those who finance economic activity. Banks, financial institutions and investors are no longer playing an exclusively reactive role. Instead, they are becoming involved at much earlier stages.Today, they participate in negotiation processes, assess different recovery or restructuring scenarios and seek to preserve the value of companies that remain viable. The objective is to identify sustainable alternatives capable of producing better outcomes for everyone involved.This approach has also transformed professional practice. An adviser specializing in insolvency must understand the dynamics of each industry, interpret financial information, assess risks, coordinate with economic and financial consultants, and participate actively in negotiations in which commercial considerations carry as much weight as legal ones. All of this must also happen at the right time.The adoption of new technologies is accelerating this evolution. Data analysis tools make it possible to develop projections, validate assumptions and provide more consistent information to support negotiations. At the same time, the digitalization of judicial proceedings facilitates the management of complex matters and improves coordination among companies, creditors and interdisciplinary teams.Naturally, certain factors still require caution. Foreign exchange restrictions continue to affect many international transactions, while the consolidation of the economic program will be essential to sustaining confidence and encouraging new investment.Even with these uncertainties, however, the direction appears to point toward a more competitive and demanding market.Against this backdrop, the real question is no longer whether a company will face change, but when it will decide to address it.Perhaps this is the most significant evolution our practice has experienced in recent years. Insolvency and restructuring are now instruments that can strengthen companies, protect credit and help viable projects continue to grow in an increasingly competitive environment

1. What is the current legal landscape for your practice area in your jurisdiction?Argentina's insolvency and restructuring framework is navigating a particularly dynamic period. The country's persistent macroeconomic volatility — marked by high inflation, foreign exchange restrictions, and recurring sovereign debt cycles — has kept corporate distress at elevated levels, driving significant demand for both formal bankruptcy proceedings (concurso preventivo) and out-of-court restructuring agreements (acuerdo preventivo extrajudicial, or APE). These tools, rooted in Law 24.522 and its subsequent amendments, provide a structured but flexible framework that experienced practitioners can deploy strategically depending on the client's circumstances and objectives.For companies, this environment has accelerated the need for early restructuring strategies. Businesses that once relied on refinancing or rolling over short-term debt are now confronting more fundamental solvency challenges, requiring comprehensive reorganization plans that address not only their financial liabilities but also their operational viability. The complexity of these cases has grown considerably, as capital structures often involve a mix of local bank debt, capital market instruments, and cross-border obligations — each governed by different legal regimes and subject to different enforcement mechanisms.For banks and financial creditors, the landscape has equally sharpened the focus on creditor rights protection, collateral enforcement, and the active management of nonperforming loan portfolios. Financial institutions are increasingly sophisticated participants in restructuring proceedings, moving away from purely passive roles toward more proactive strategies — whether through creditor committees, debt-forequity negotiations, or the pursuit of enforcement remedies in parallel with reorganization discussions. This dynamic has elevated the standard of practice on both sides of the table.Against this backdrop, the current administration's reformist agenda is expected to prompt a significant overhaul of the insolvency framework. The anticipated reform is likely to prioritize procedural efficiency and a stronger emphasis on credit protection— shifting the law's center of gravity beyond the debtor's perspective toward a more balanced treatment of all parties involved. For practitioners, this evolution will raise the bar considerably: restructuring lawyers will be expected to operate as genuine business advisers, combining sharp legal judgment with the financial analytical capabilities that complex reorganizations increasingly demand.A further structural development is reshaping the practice in equally significant ways. The ongoing shift toward a more competitive, market-driven economic model is exposing a broad range of Argentine businesses to pressures their financial and operational profiles were never designed to absorb. Companies that long benefited from state subsidies, price controls, or preferential access to credit are now confronting market discipline for the first time — and many are ill-equipped to withstand it. The result is a new and expanding wave of distressed situations involving sectors and client profiles that restructuring practitioners have rarely encountered. These cases present a distinct analytical challenge: the forces driving distress are structural and macroeconomic in nature, not simply the product of overleveraging or mismanagement, and addressing them effectively requires a level of sectoral and economic understanding that goes well beyond conventional insolvency expertise.2. What three essential pieces of advice would you give to clients involved in your practice area matters?First, act early. Whether you are a company showing the first signs of financial stress or a bank watching a key exposure deteriorate, the timing of legal intervention is critical. Early counsel preserves optionality — it allows companies to explore out-ofcourt solutions before a formal filing becomes necessary, and it enables creditors to assess their legal position and take protective measures before value is eroded. In our experience, the cases that achieve the best outcomes are almost invariably those where all parties engaged proactively rather than reactively.Second, know your leverage. For debtors, this means understanding not just the legal protections that insolvency proceedings afford, but also the limits of those protections and the importance of maintaining creditor confidence throughout the process. For banks and financial creditors, it means having a thorough grasp of the enforceability of their security interests, the priority of their claims, and the realistic recovery scenarios available under Argentine law — including the often-underestimated value of negotiated settlements over protracted litigation.Third, approach restructuring as a negotiation, not a battle. The most successful outcomes — for companies and their financial creditors alike — come from structured dialogue, realistic proposals, and a genuine willingness to find common ground. Prolonged litigation destroys value, consumes resources, and rarely produces results that a well-negotiated agreement could not have achieved more efficiently. The best restructuring practitioners are, above all, skilled negotiators who understand that the goal is not to win a legal argument but to reach a durable solution that allows the business to survive and creditors to recover as much as possible.3. What are the greatest threats and opportunities in your practice area law in the next 12 months?The greatest threat remains macroeconomic instability. Argentina's current stabilization program has brought welcome signs of improvement — declining inflation, a more stable exchange rate, and recovering business confidence — but the sustainability of these gains is far from guaranteed. A reversal of the program's key pillars could trigger a new wave of corporate distress, straining an already overburdened judicial system and increasing uncertainty for both debtors and creditors. In that scenario, the speed and quality of legal counsel would become even more critical differentiators.Foreign exchange restrictions represent a structural threat that persists regardless of broader economic trends. They continue to complicate cross-border restructurings, limit the ability of companies to service foreign currency obligations, and create significant legal uncertainty around the enforceability of dollar-denominated claims. For banks with international exposures or for foreign creditors participating in local restructuring proceedings, navigating these restrictions requires specialized expertise and careful structuring of any agreement reached.On the opportunity side, the gradual normalization of the economy is already attracting renewed interest from international investors in distressed Argentine assets, opening the door for more sophisticated restructuring transactions. For banks, this creates real possibilities to resolve legacy non-performing exposures through negotiated portfolio sales, debt trading, or structured settlements with improved recovery prospects. For companies with sound underlying businesses, improved macroeconomic conditions may unlock access to fresh financing as part of a reorganization plan — making genuinely viable restructurings more achievable than at any point in recent years.4. How do you ensure high client satisfaction levels are maintained by your practice?Our practice serves both corporate debtors and financial creditors, and we are deeply aware that each brings fundamentally different expectations, priorities, and definitions of success to a restructuring engagement. For companies navigating insolvency proceedings, satisfaction comes from having a trusted adviser who not only masters the legal framework but genuinely understands the business, the industry, and the human stakes involved. These are rarely purely legal matters — they touch on employment, reputation, and the survival of organizations that people have built over many years.For banks and institutional creditors, our role is different but equally demanding. It requires rigorous protection of their legal rights, proactive monitoring of proceedings as they develop, and honest advice on the trade-offs between enforcement and negotiation — including the difficult conversations about when accepting a restructured claim is a better outcome than pursuing full recovery through litigation. Financial institutions value counsel that combines legal precision with commercial judgment, and we work hard to provide both.In all cases, we place a premium on transparency and communication. Clients should never feel that they are receiving information only when something has already happened — we keep them informed at every meaningful stage, explain the implications clearly, and ensure that legal strategy is always coordinated with the financial and operational advisers involved in the matter. Our measure of success is not just a favorable legal outcome, but a client who felt genuinely supported throughout one of the most challenging processes a business or institution can face.5. What technological advancements are reshaping your practice area law and how can clients benefit from them?Technology is reshaping insolvency and restructuring practice in ways that are increasingly difficult to ignore. For companies preparing reorganization plans, data analytics tools have become essential for modeling financial scenarios, stress-testing assumptions, and presenting creditors with robust, credible projections. The ability to run sophisticated cash flow models and valuation analyses — and to do so quickly as negotiations evolve — has become a meaningful competitive advantage in complex restructuring processes, where the quality of financial information directly affects the credibility of the debtor's proposals.For banks and financial creditors managing large portfolios of distressed credits, technology offers equally significant benefits. Advanced monitoring platforms allow institutions to track the status of multiple concurrent proceedings, flag material developments in real time, and coordinate responses across internal credit, legal, and risk teams. This is particularly valuable in Argentina, where the volume of restructuring cases can be substantial and the pace of judicial proceedings unpredictable. The ability to stay ahead of developments — rather than reacting to them — is a key advantage that technology now makes accessible.At the procedural level, Argentina's gradual adoption of digital tools has also improved the efficiency of insolvency proceedings in practical terms. The post-pandemic shift toward electronic filings and remote hearings has reduced the administrative burden on all parties, shortened certain procedural timelines, and made it easier to manage cases involving creditors or assets located in different jurisdictions. While the courts still have considerable room to grow in their use of technology, the direction of travel is clear — and clients who work with practitioners that embrace these tools stand to benefit from faster, more efficient, and better-informed representation

ZBV Abogados advised Banco Hipotecario S.A. (“Banco Hipotecario” or the “Issuer”), and Pérez Alati, Grondona, Benites & Arntsen advised Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., Cocos Capital S.A., Allaria S.A., Balanz Capital Valores S.A.U., Banco Patagonia S.A. and Bull Market Brokers S.A., as placement agents of the Notes (the “Placement Agents”).in the issuance of its Series No. 15 Notes (“Series No. 15” or the “Notes”), issued under its Frequent Issuer Register for a face value of up to US$ 20,000,000 (United States Dollars twenty million) (or its equivalent in other currencies or units of value).On August 24, 2026, Banco Hipotecario successfully completed the issuance of its Series No. 15 Notes, for an aggregate nominal amount of USD 25,982,821 (United States Dollars twenty-five million nine hundred eighty-two thousand eight hundred twenty-one), maturing on August 24, 2027, bearing a fixed interest rate of 3.5% per annum, and issued at 100% of face value.The offer was directed to the local market, and the Notes have been authorized for listing on Bolsas y Mercados Argentinos S.A. and for negotiation on A3 Mercados S.A.Counsel to the IssuerZang, Bergel & Viñes Abogados acted as counsel through Carolina Zang, María Angélica Grisolia, Nadia Dib, Juan Cruz Cañete Larivey and Francisco Vigil.Counsel to the Placement AgentsPerez Alati, Grondona, Benites & ArntsenPartner Diego Serrano Redonnet, Counsel Nicolás Aberastury, and associates Tamara Friedenberger and Catalina Hermida Pini

MHR represented Vinci Compass and ZBV represented BACS group in a strategic merger to build one of the largest asset management platforms in Argentina.Established in 2012, BACS Administradora de Activos S.A. is a leading Argentine manager with a strong focus on corporate and retail clients, managing a diversified product suite across money market and non-money market funds. BACS Administradora de Activos S.A. benefits from close integration with BACS Banco de Crédito y Securitización S.A. and Banco Hipotecario S.A. The transaction brings together Investis Asset Management S.A.S.G.F.C.I. (now renamed Vinci Compass Argentina), Vinci Compass' Argentine asset management business, with BACS Asset Management, which at the end of March 2026 had approximately US$800 million in assets under management ("AuM"), creating a scaled platform with approximately US$1.6 billion in AuM, diversified across money market and non-money market strategies, and a strong presence across corporate, retail and institutional clients.The deal has been implemented through a complex corporate reorganization at Vinci Compass' Argentine entity level, without any cash component, pursuant to which Vinci Compass will retain the management of the combined asset management platform, while BACS Asset Management shareholders will maintain a meaningful minority ownership interest.The deal includes an incentive-based earnout mechanism linked to the growth of assets and revenues generated through BACS and Banco Hipotecario's distribution channels, aligning long-term interests and supporting organic growth.MHR and ZBV played a key role in structuring and executing the transaction. Their work included the design and implementation of the corporate reorganization in a no-cash framework; the negotiation of governance and shareholder arrangements; the structuring of the earnout and incentive mechanisms; and the coordination of regulatory, corporate and contractual aspects. They also helped anticipate execution risks, streamline the process, and ensure a balanced outcome between control and economic participation, in the context of Argentina’s regulatory and macroeconomic environment.The Transaction is expected to close in the second quarter of 2026, subject to the satisfaction of regulatory requirements and customary closing conditions.Counsel to Vinci Compass:Martinez de Hoz & Rueda: Partners Fernando Zoppi, Tomás Dellepiane, Maximiliano Batista and Martin Lepiane, and associates Lucia Perondi Nuñez, Luisina Lucchini, Martin Scapini, Marcos García Morillo.In-house counsel: Pablo Matsumoto and María Elisa CiminoCounsel to BACS group:Zang, Bergel & Viñes: Partners Carolina Zang, María Laura Barbosa, María Angélica Grisolía and associates Francisco Duran, Francisco Vigil, Nadia Dib and Juan Cañete.In house legal counsel: Solange Spinell

Drawing on her experience advising on some of Argentina's most significant IPOs and debt offerings, Carolina Zang explains why the Argentine Securities Commission's (CNV) latest regulatory package represents the most profound transformation of the country's capital markets in decades.The reforms significantly shorten execution timelines, simplify access to the market and create new opportunities for smaller and medium-sized companies to raise capital.----------------For more than thirty years, I have advised clients on capital markets transactions in Argentina. I have been part of the legal teams behind some of the country's most significant IPOs and follow-on offerings, including companies listed on the New York Stock Exchange and Nasdaq.Having witnessed these transactions from the inside, I can confidently say that the regulatory package recently approved by the Argentine Securities Commission (CNV General Resolutions 1145–1150/2026) is the most significant reform our capital markets have experienced since the enactment of Capital Markets Law No. 26,831.I say this not only with enthusiasm, but because I understand the real cost of the system these reforms are replacing.The Time Capital Markets Cannot AffordWhenever a company decided to access Argentina's capital markets, one of the first things it heard from its legal advisers—including me—was a discouraging reality:"The process will take between three and six months, sometimes even longer."That timeframe was not the result of inefficiency. It was the logical consequence of a regulatory framework built on the premise that every public offering had to be reviewed and formally approved by the regulator before reaching investors.In theory, this ex-ante review protected investors.In practice, only a limited number of companies could afford the cost—in terms of time, professional fees and uncertainty. Medium-sized and smaller businesses were often left without access to the market and forced to rely instead on bank financing under far less competitive conditions.I have seen issuers abandon transactions because the market window closed while regulatory approval was still pending. I have also seen CFOs struggle to explain to their boards why the timing of a capital raising ultimately depended on an administrative process rather than on business strategy.What Has Truly ChangedThe new framework represents a genuine paradigm shift.The previous model was approval-based: the CNV reviewed, assessed and authorised each offering before it could proceed.The new framework adopts a filing-based system. Issuers submit the required documentation, assume responsibility for its accuracy and access the market without waiting for prior regulatory approval.Regulatory oversight has not disappeared. The CNV retains all of its supervisory, enforcement and sanctioning powers.What changes is both the timing of that oversight and the allocation of responsibility.Rather than relying on prior regulatory approval, issuers, underwriters and legal advisers now assume greater ex-post responsibility for the quality, completeness and accuracy of the information disclosed to investors.This is the model followed by the world's most developed capital markets, including the U.S. Securities and Exchange Commission (SEC), and it enables a small or medium-sized company to issue debt securities with a level of efficiency previously available only to seasoned issuers.The numbers are significant.For issuances of up to 100 million UVAs (approximately US$130–140 million), authorisation becomes effective automatically upon filing.For larger transactions, the same streamlined process applies when securities are offered exclusively to qualified investors, whose eligibility threshold has also been reduced from 350,000 to 200,000 UVAs.A Reform That Continues to Protect InvestorsDoes eliminating prior regulatory approval weaken investor protection?In my view, the answer is no.The new framework maintains disclosure standards equivalent to—or even higher than—those under the General Regime.Issuers continue to sign their prospectuses under the same legal responsibility as before, with both regulatory and civil consequences.What disappears is not the disclosure standard—it is the bureaucratic process that stood between the documentation and the market.The reform also introduces an important transparency requirement: investors must be expressly informed whenever underwriters do not retain independent legal counsel.Although seemingly modest, this provision establishes a level of transparency regarding legal advisory structures that did not previously exist in Argentina.Investor protection depends not on how long the regulator takes to approve a prospectus, but on the quality of the information it contains and the accountability of those who stand behind it.What This Means for the Real EconomyFor years, discussions surrounding the development of Argentina's capital markets have focused primarily on large issuers, sovereign bonds and sophisticated financial instruments.In reality, the number of companies that could effectively access the market remained very limited—and even for those issuers, the process was far from straightforward

ZBV Abogados advised Austral Gold on the corporate, regulatory, contractual, financing, labor and foreign exchange aspects related to the reopening of the mining operation located in San Juan Province, Argentina. The representation was led by Pablo Vergara del Carril, partner at the firm, and included the structuring and negotiation of the Toll Treatment Agreement entered with Challenger Gold for the processing of ore from Hualilán, rotating on a quarterly basis with material from the Casposo and Manantiales operations. The reactivation involved an investment exceeding USD 15 million aimed at exploration and plant refurbishment, allowing operations to resume one of the province’s most significant mining assets. The transaction is part of a new expansion stage driven by the company and its Chairman, Eduardo Elsztain, positioning Casposo as a regional processing hub combining proprietary production with third-party ore treatment. The company projects exports of approximately USD 500 million over the next five years and currently supports more than 300 direct and indirect jobs, with strong participation from local workforce and suppliers in San Juan Province. This milestone was officially announced during an event led by San Juan Governor Marcelo Orrego and National Mining Secretary Dr. Luis Lucero, together with other national and provincial authorities, company executives, Pablo Vergara del Carril and Carolina Zang, both partners at the law firm. It is also worth noting that ZBV Abogados previously advised on the concession of the neighboring Manantiales mining project with the Provincial Institute of Mining Exploration and Exploitation of San Juan (IPEEM).

Zang, Bergel & Viñes Abogados advised Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria in the successful issuance of approximately USD 65 million in Notes, under its Global Program for up to USD 500 million. The transaction was structured in two series: Series LII: issued for USD 41,201,813, maturing on April 30, 2028, at a fixed interest rate of 4.75% per annum. Series LIII: issued for USD 22,998,047, maturing on April 30, 2030, at a fixed interest rate of 6.25% per annum. The offering was directed to the local market, and the Notes have been authorized for listing on Bolsas y Mercados Argentinos S.A. and for trading on A3 Mercados S.A. Counsel to Cresud The Zang, Bergel & Viñes Abogados team advising Cresud was composed of Carolina Zang, María Angélica Grisolía, Nadia Dib, Juan Cruz Cañete Larivey and Francisco Vigil. Counsel to the Placement Agents Pérez Alati, Grondona, Benites & Arntsen acted as legal advisor to the placement agents through Diego Serrano Redonnet, Nicolás Aberastury, Juan Ignacio Rodriguez Goñi, Tamara Friedenberger and Juan Hernán Bertoni. This transaction highlights the strength of the local capital markets and the ability of well-established companies to access financing under competitive conditions.