Bruchou, Fernandez Madero & Lombardi acted as advisor to the Province of La Rioja in the restructuring of US$300 million principal amount of outstanding 9.750% Notes due 2025 issued in the international capital markets.
The restructuring was executed through a consent solicitation and involved negotiations with holders’ representatives and their advisors.
The Province received consents from holders representing 98.61% of the outstanding principal amount of the Notes, to certain proposed amendments to the terms of the Notes. Reaching the highest acceptance rate for sovereign restructurings.
As a result of the successful Consent Solicitation, the indenture governing the Notes was amended to extend the Notes’ maturity date, modify the interest rate and the amortization schedule of the Notes, among other amendments.
Legal advisors of La Rioja:
Bruchou, Fernández Madero & Lombardi
Other relevant transactions in which we participate