Province of Entre Ríos’s $485 Million Debts Restructuring

Dla Piper advised the province on the transaction. Clifford Chance and Bruchou, Fernández Madero & Lombardi advised the solicitation agents and Seward & Kissel advised the trustee.

The Province launched a consent solicitation to amend certain terms of the Notes and the indenture governing the Notes (the Proposed Amendments) in February 2021, after reaching an agreement with the Ad Hoc Group of Entre Ríos Bondholders. As of the expiration time of the consent solicitation, holders of the Notes delivered consents for an aggregate principal amount of US$485,755,000, representing approximately 97.15% of the principal amount of Notes outstanding.

HSBC Securities (USA) Inc. acted as solicitation agent on the transaction.

As a result, the Province and the trustee entered into a supplemental indenture to effect the Proposed Amendments which became operative on the settlement date. The Proposed Amendments included an extension of the maturity date, and amendments to the interest rate and the amortization schedule of the Notes.

DLA Piper advised the Provincia with Christopher Paci (Picture), Marcelo Etchebarne, Nicolás Teijeiro, Juan María Rosatto, Justo Segura, Antonio Arias, Marcos Taiana and Valentina Melhem.

Clifford Chance advised HSBC Securities with Hugo Triaca (Picture), Deborah Zandstra, Giancarlo Reanda and Pablo Fekete.

In Argentina, Bruchou, Fernández Madero & Lombardi advised HSBC with Alejandro Perelsztein and Lucila Dorado

Seward & Kissel LLP adivsed the trustee with Gregg Bateman and Y. Daphne Coelho-Adam.

Involved fees earner: Lucila Dorado – Bruchou, Ferna?ndez Madero & Lombardi; Alejandro Perelsztein – Bruchou, Ferna?ndez Madero & Lombardi; Antonio Arias – Cabanellas – Etchebarne – Kelly; Pablo Fekete – Clifford Chance; Giancarlo Reanda – Clifford Chance; Hugo Triaca – Clifford Chance; Deborah Zandstra – Clifford Chance; Marcelo Etchebarne – DLA Piper; Valentina Melhem – DLA Piper; Christopher Paci – DLA Piper; Juan María Rosatto – DLA Piper; Justo Segura – DLA Piper; Marcos Taiana – DLA Piper; Nicolas Teijeiro – DLA Piper; Gregg Bateman – Seward & Kissel LLP; Daphne Coelho-Adam – Seward & Kissel LLP;

Law Firms: Bruchou, Ferna?ndez Madero & Lombardi; Cabanellas – Etchebarne – Kelly; Clifford Chance; DLA Piper; Seward & Kissel LLP;

Clients: Deutsche Bank; HSBC Securities; Province Of Entre Ríos;

Author: Martina Bellini