DLA Piper represented Argentina’s Province of Mendoza on a debt exchange offer and consent solicitation relating to its US$590 million aggregate principal amount of 8.375% notes due 2024.
Bondholders tendered over 95% of the existing notes, thereby providing consents sufficient to modify and/or exchange all existing notes for new amortizing step-up securities due 2029 under the existing notes’ collective action clause.
“We were pleased to leverage our wide-ranging experience advising clients in complex, cross-border capital markets transactions to assist the Province of Mendoza with its debt exchange,” said Christopher Paci, chair of DLA Piper’s Capital Markets practice group, who led the firm’s deal team along with Marcelo Etchebarne, country head of DLA Piper Argentina, and partner Nicolas Teijeiro, under New York law. “With the closing of this transaction, the Province of Mendoza is the first among Argentina’s provinces to successfully restructure its overseas debt after the Argentine national government obtained backing from creditors in September in the restructuring of $65 billion of sovereign debt.”
In addition to Paci, Etchebarne (both of New York) and Teijeiro (Buenos Aires), the DLA Piper team advising the Province of Mendoza included partner Justo Segura (Buenos Aires), who led the local team under Argentine law, and senior counsel Jack Kantrowitz (New York).
DLA Piper’s global capital markets team represents issuers and underwriters in registered and unregistered equity, equity-linked and debt capital markets transactions, including initial public offerings, follow-on equity offerings, equity-linked securities offerings, and offerings of investments grade and high-yield debt securities.
