The Firm represented IRSA Propiedades Comerciales S.A. (“IRSA PC”) in connection with its offering of US$360 million of its 8.750% Notes due 2023. The Notes were issued under IRSA PC’s US$500 million global note program, which is registered with the Comisión Nacional de Valores (the Argentine securities regulatory commission). IRSA PC used the proceeds from the offering to purchase its outstanding notes in a concurrent cash tender offer, to repay debt owed to its parent IRSA Inversiones y Representaciones Sociedad Anónima (“IRSA SA”) and for investments, capital contributions and/or working capital.
The Firm also represented IRSA PC and its parent IRSA SA in their concurrent cash tender offers for their outstanding debt securities. In connection with the cash tender offers of IRSA SA, IRSA SA solicited the consent of holders to certain amendments to the indentures pursuant to which the outstanding debt securities were issued.
IRSA SA is one of Argentina’s leading real estate companies in terms of total assets. IRSA SA is engaged, directly and indirectly through subsidiaries, in equity investees and joint ventures, in a range of diversified real estate-related activities in Argentina, including: the acquisition, development and operation of shopping centers, the acquisition and development of office and other non-shopping center properties primarily for rental purposes, the acquisition and operation of luxury hotels, the development and sale of residential properties, the acquisition of undeveloped land reserves for future development or sale, and selective investments outside Argentina.
IRSA PC is one of the largest owners and managers of shopping centers and office and other commercial properties in Argentina in terms of gross leasable area and number of rental properties. IRSA PC owns and operates 15 shopping centers in Argentina, seven of which are located in the City of Buenos Aires. In addition, IRSA PC owns and manages six premium office buildings in the City of Buenos Aires and owns certain properties for future development in Buenos Aires and several provincial cities.
The Simpson Thacher team included David Williams, Kirsten L. Davis, Sebastian Lora and Tomas Holguin Mora (Capital Markets); and Jonathan Cantor and Michael Badain (Tax).