Generación Mediterránea and Central Térmica Roca Finalize Exchange Offer and APE Results for Senior Secured Notes

Introduction

On May 11, 2026, Generación Mediterránea S.A. (GEMSA) and Central Térmica Roca S.A. (CTR) announced the final results of their previously proposed exchange offer and APE (Accelerated Payment Event) solicitation. This initiative focuses on their outstanding debt, specifically the 11.0% Senior Secured Notes due 2031. With nearly $57.9 million or 49.41% of existing notes tendered, the companies aim to restructure their financial obligations effectively.

Highlights of the Exchange Offer

The exchange offer, which was initially communicated on May 4, 2026, involved converting all outstanding 9.625% Senior Notes due 2027 into newly issued Fixed Rate Step-Up Senior Notes due 2036. This move is part of a broader strategy to streamline their financial commitments, allowing the companies to alleviate some financial pressure that has accumulated.

Notably, the tender result signifies that $57.9 million of the existing notes were submitted for the exchange. Furthermore, a significantly high acceptance was observed for local notes, with 76.24% of the amount validly tendered.

Ongoing Efforts and Future Meetings

The companies have reiterated their commitment to this restructuring process. An APE meeting is anticipated to happen on May 21, 2026, where further discussions and approvals regarding the restructuring plan will take place. This meeting is crucial as it aims to provide the necessary road map to advance toward a complete financial debt reorganization.

Tactical Outcomes for Holders

As a part of the exchange offer process, it was specified that none of the Existing Notes tendered will be swapped for New Notes until the APE settlement date. This means that all existing notes that were part of the exchange will remain in a blocked account until further instructions can be provided during the set APE process.

Additionally, local tenders represent a substantial step towards securing necessary participation levels to implement the APE that complies with Argentine Bankruptcy Law, thus facilitating the overall restructuring effort.

Insights on Future Offerings

The companies also announced a broader solicitation for their outstanding 11.0% Senior Secured Notes due 2031. The new offer includes the exchange for newly issued Senior Secured Fixed Rate Step-Up Notes due 2034 and Value Recovery Notes due 2036, which presents eligible holders with an opportunity to manage and possibly recover their investments.

Eligible holders tendering their notes by May 19, 2026, stand to gain favorable terms, including a principal amount in newly issued notes along with potential cash payments based on the timeliness of their tender submissions.

Finally, it has been highlighted that should the necessary approvals and exchanges materialize successfully, the companies could potentially reschedule almost all of their financial obligations, amounting to approximately $1.5 billion. This would mark a significant milestone in their efforts to stabilize their business.

Conclusion

The recent developments by Generación Mediterránea S.A. and Central Térmica Roca S.A. reflect a proactive approach towards financial restructuring in the face of challenges posed by the market. Stakeholders are encouraged to remain informed as the process unfolds, with key events on the horizon aimed at restoring financial health and growth potentials for the companies involved.