Province of Buenos Aires’s $949.35 Million Notes Offering


Cleary Gottlieb Steen & Hamilton, Cabanellas Etchebarne Kelly, Shearman & Sterling and Bruchou, Fernández Madero & Lombardi advised on the transaction

The global offering consisted of an offering of ARS 5,169,536,000 aggregate principal amount of notes to the public in Argentina and an offering of ARS 10,012,887,000 aggregate principal amount of notes to investors outside of Argentina pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. Interest on the Notes will accrue at a variable rate with certain applicable minimum rates. The Notes are the first bonds denominated in Argentine pesos, governed by Argentine law and subject to Argentine jurisdiction to be marketed internationally by the Province of Buenos Aires.

BBVA Banco Francés S.A., Banco Santander Río S.A. and HSBC Bank Argentina S.A., acted as initial purchasers, and BBVA Securities Inc., Santander Investment Securities Inc. and HSBC Securities (USA) Inc., acted as international purchasers.

Cleary Gottlieb Steen & Hamilton advised the Province of Buenos Aires with Juan Giráldez (Picture), Juan Ignacio Mollis, Rebecca Reeb, Mariano Sierra and Rachel Shapiro.

Cabanellas Etchebarne Kelly advised Province of Buenos Aires with Marcelo Etchebarne, Justo Segura, Antonio Arias, Federico Machado and Maia Uribarrena.

Shearman & Sterling represented BBVA Banco Francés S.A., Banco Santander Río S.A. and HSBC Bank Argentina S.A., BBVA Securities Inc., Santander Investment Securities Inc. and HSBC Securities (USA) Inc. with Antonia Stolper (New York-Capital Markets); counsel Alejandro Gordano (London-Capital Markets); Jeffrey Tate (Washington, DC-Tax); Adam Sternberg (New York-Tax) and Maria Constanza Martella (New York-Capital Markets).

In Argentina, Bruchou, Fernández Madero & Lombardi advised the banks with Alejandro Perelsztein, Leandro Exequiel Belusci, Agustín Bauer and Guido Meirovich.

Involved fees earner: Alejandro Perelsztein – Bruchou, Ferna?ndez Madero & Lombardi; Leandro Exequiel Belusci – Bruchou, Ferna?ndez Madero & Lombardi; Agustín Bauer – Bruchou, Ferna?ndez Madero & Lombardi; Guido Meirovich – Bruchou, Ferna?ndez Madero & Lombardi; Marcelo Etchebarne – Cabanellas – Etchebarne – Kelly; Justo Segura – Cabanellas – Etchebarne – Kelly; Antonio Arias – Cabanellas – Etchebarne – Kelly; Antonia Stolper – Shearman & Sterling; Alejandro Gordano – Shearman & Sterling; Jeffrey Tate – Shearman & Sterling; Adam Sternberg – Shearman & Sterling; Juan Ignacio Mollis – Cleary Gottlieb Steen & Hamilton; Juan Giráldez – Cleary Gottlieb Steen & Hamilton; Mariano Sierra – Cleary Gottlieb Steen & Hamilton; Rebecca Reeb – Cleary Gottlieb Steen & Hamilton;

Law Firms: Bruchou, Ferna?ndez Madero & Lombardi; Cabanellas – Etchebarne – Kelly; Shearman & Sterling; Cleary Gottlieb Steen & Hamilton;

Clients: HSBC; Banco Bilbao Vizcaya Argentaria (Bbva); Banco Santander Río S.A.; BBVA Banco Francés; Santander Securities ; Province of Buenos Aires; HSBC Bank Argentina S.A.;

Avatar

Author: Ambrogio Visconti.