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UncategorizedBruchou advised on the successful restructuring of the Province of Salta’s US$350 million outstanding notes

March 8, 2021
Banking & Capital Markets
Sovereign Debt & Public Sector Finance
Bankruptcy & Debt Restructure

 

Bruchou, Fernández Madero & Lombardi acted as advisor to BofA Securities, Inc. in the restructuring of US$350 million principal amount of outstanding 9.125% Notes due 2024 (the “Notes”) issued by the Province of Salta (the “Province”) in the international capital markets.

The restructuring was executed through a solicitation of holder consents (the “Consent Solicitation”) and involved negotiations with holders’ representatives and their advisors.

The Province, a province of the Republic of Argentina, received consents from holders representing 95.51% of the outstanding principal amount of the Notes, to certain proposed amendments to the terms of the Notes (the “Proposed Amendments”).

As a result of the successful Consent Solicitation, the indenture governing the Notes was amended to extend the maturity date, modify the interest rate and the amortization schedule of the Notes, among others.

BofA Securities, Inc. acted as consent solicitation agent and D.F. King & Co. acted as information and tabulation agent.

Bruchou (as Argentine law counsel), through a team led by partner Perelsztein, Alejandro and associates Ragucci, Cristian and Etchevehere, Manuel.

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Ing. Enrique Butty 275, Piso 12. C1001AFA, Buenos Aires, Argentina.
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