The energy generator Grupo AlbaniansRoca Mediterranean and thermal Power Plant controller, he informed his investors that next Monday You will not be able to pay the US $ 19.5 million that beat interest for their negotiable obligations. Now, it will enter a 30 -day grace period, in which the new conditions must negotiate with the creditors.
On May 5, the payment of interest services for the corporate bonus with expiration in 2031, issued for US $ 350 million and with a fixed interest rate of 11% annual in dollars. It had been launched under the simple negotiable obligations program, for a nominal value of up to US $ 1000 million, to finance its investment plan in the country.
However, through the relevant facts of the National Securities Commission (CNV), the firm informed that the companies “will not make” payments previously communicated to investors. From now on, a 30 -day grace period will run from the planned payment date. And, in case it is not resolved, the consequence could result in an assumption of non -compliance, which could lead to sanctions.
“Society is analyzing different alternatives to solve this situation as soon as possibleseeking to prioritize the continuity of their operation and preserve the interests of their creditors, ”they explained.
According to an expert source in the matter, which asked not to be citedthe problem was generated “by liquidity, not by solvency.” The Albanesi group had announced an investment for US $ 600 million to expand the power plants of Río Cuarto (Córdoba), Ezeiza (Buenos Aires) and launch another plant in Arroyo Seco (Santa Fe). Internally they carry out a process of integral reorganization of the financial debt, to have a predictable horizon forward.
The problem dates back to last year, when the administrative company of the electric wholesale market (cammesa) owed about US $ 1200 million to companies in the sector for not paying the costs of generating energy and provision of natural gas between December 2023 and January 2024. Finally, from the industry they reached an agreement with the Government, although with arrears in payments and the delivery of a sovereign bonus that expires in 2038 (AE38), which at that time operated in the market in the middle of its nominal value.
“Like other electricity generation companies in Argentina, Albanesi group companies are highly exposed to local regulations, The operating environment and potential liquidity pressures, given that most of its flows are exposed to the variability of cammesa payments, which presented strong delays in the first months of 2024. In the case of companies with greater exposure to contracts with Cammesa, a sustained delay in payments could affect the generation of cash flow and deteriorate the ability to pay in the short term of the companies”Moody’s explained last December.
At that time, the Risk Qualifier decided to lower the note for the long -term debt issuance of the Albanesi Group, from A.ar to BBB+.ar. “Cammesa cut the income flow,” He added a source in the sector, who also added that the obstacles to import and the increase in country tax to imports at the time complicated the company’s plans, although later it was eliminated.
“It was not due to rates, or generation. Yes it owed an egg [sic]ten times your income. Very indebted. He paid more interest than CAPEX, ”said Fmya’s economist through the social network X Fernando Marull.
When analyzing the impact of this news, the analyst remarked that it did not seem to affect other corporate bonds in the sector because “it was very punctual.” “The market knew that it was hot potato. The rest must much less, four times its income (versus ten),” he explained. Secondly, he mentioned that Local investors can be affected if they have a common investment fund (FCI) that had these local bonds in portfolio. “But very limited, the funds have a little bonus,” he said.
Third, He explained that he should not affect the electrical system, since the company continues to generate energy and sells it to Cammesa. Finally, he said that they will now have 30 days of grace and then have to renegotiate some remove. “Private theme. The State does not have to put a handle,” Marull completed.
The Albanesi Group generates 5% of the country’s energy and represents 17% of thermal energy.
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