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UncategorizedBruchou advised on the successful restructuring of US$300 million principal amount of outstanding notes by the Province of Río Negro

December 29, 2020
Banking & Capital Markets – Sovereign Debt & Public Sector Finance Bankruptcy & Debt Restructure

 

Bruchou, Fernández Madero & Lombardi, acted as advisor to BofA Securities, Inc. y UBS Securities LLC, as consent solicitation agent, in the restructuring of US$300 million principal amount of outstanding notes issued by the Province of Río Negro (the “Province”) in the international capital markets

The restructuring was structured through a thorough consent solicitation exercise involving negotiations with ad hoc holders´ committees and its advisors.

The Province of Río Negro, a province of the Republic of Argentina, received consents from holders representing more than 95% of the aggregate principal amount of US$286,779,000 million of the 7.75% Notes due on 2025 (“2025 Notes”) to modify certain terms and conditions of such 2025 Notes (the “Consent Solicitation”).

The terms and conditions of the Consent Solicitation aimed to maintain the provincial public debt at sustainable levels.

BofA Securities, Inc. y UBS Securities LLC. acted as consent solicitation agents, Morrow Sodali Ltd. acted as information and tabulation agent and Quantum Finanzas acted as financial advisor to the Province in connection with the Consent Solicitations.

Bruchou, Fernández Madero & Lombardi (as Argentine law counsel) through a team led by partner Perelsztein, Alejandro and associates Chester, Andrés, Diaz Reynolds, Emilio and Dorado, Lucila.

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Ing. Enrique Butty 275, Piso 12. C1001AFA, Buenos Aires, Argentina.
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estudio@bruchou.com

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