Houlihan Lokey Advises the Ad Hoc Group of Secured International Noteholders of Generación Mediterránea and Central Térmica Roca

Houlihan Lokey is pleased to announce that Generación Mediterránea and Central Térmica Roca have completed a $1.5 billion comprehensive financial restructuring. Houlihan Lokey served as financial advisor to the Ad Hoc Group of Secured International Noteholders (the “AHG”).

The transaction addressed one of the most complex capital structures in Argentina—spanning short-term bilateral facilities, commercial debt, a syndicated loan, project finance bonds, local notes, and USD-denominated international senior notes.

A cornerstone of Argentina’s electricity generation sector, Generación Mediterránea operates 10 power plants with an aggregate installed capacity of 1,858 MW and more than two decades of operating experience, anchored by combined cycle turbines and long-term take-or-pay PPA contracts.

Payment delays from regulator CAMMESA, compounded by a failed equity raising process, rendered prior liability management efforts insufficient and caused a series of defaults beginning in April 2025. Engaged by the AHG, Houlihan Lokey drove a holistic restructuring strategy designed to protect creditor interests while providing Generación Mediterránea and Central Térmica Roca the financial runway to continue to safely operate.

The exchange transaction—launched with the support of the AHG and ultimately achieving 97.88% noteholder participation—extended maturities through 2034 and 2036 and materially strengthened the security package through an active trust structure, tightened covenants, and expanded collateral pledges. The broader restructuring encompassed an Argentine APE for local and 2027 notes, deferred amortization of a syndicated loan, and a reprofiling of short-term facilities. In aggregate, the AHG received approximately US$434 million of new senior secured notes due 2034 and US$60 million of value recovery instrument (VRI) notes due 2036.

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