Tanoira Cassagne Abogados and Bruchou, Fernández Madero & Lombardi advised on the successful restructuring of approximately US$683 million principal amount of outstanding notes by the Province of Neuquén
Tanoira Cassagne Abogados acted as advisor to the Province of Neuquén (the “Province“), and Bruchou, Fernández Madero & Lombardi, acted as advisor to Citigroup, as consent solicitation agent, in the restructuring of US$683 million principal amount of outstanding notes issued by the Province in the international capital markets.
The restructuring was structured through a very thorough consent solicitation exercise involving negotiations with ad hoc holders´ committees and its advisors.
The Province, a province of the Republic of Argentina, received consents from holders representing 87.12% of the aggregate principal amount of US$317 million of the 8.625% Secured Notes due on 2028, Series 1 (Tranches 1 and 2) (“TICADE Notes”) and 93.00% of the aggregate principal amount of US$366 million 7,500% Notes due on 2025, Series 1 (“TIDENEU Notes”, and jointly with the TICADE Notes, the “Eligible Notes“) to modify certain terms and conditions of such Eligible Notes (the “Consent Solicitations” and the “Proposed Amendments”, respectively).
The terms and conditions of the Consent Solicitations aimed to maintain the provincial public debt at sustainable levels, and involved, among other matters, the amendment of their respective indentures, as well as the amendment of the local collateral documents in the case of the TICADE Notes.
Citigroup Global Markets Inc. acted as consent solicitation agent, 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.
Tanoira Cassagne Abogados (as Argentine law counsel) through a team led by partners Alexia Rosenthal and Jaime Uranga and associates Juan Sanguinetti, Lucía Farrando and Carolina Demarco and Cleary Gottlieb Steen & Hamilton (as international counsel) through a team led by partner Andrés de la Cruz and associates Benjamín Terán, Juan Leguizamo and Lara Gómez Tomei, advised the Province in connection with the Consent Solicitations.
Bruchou, Fernández Madero & Lombardi (as Argentine law counsel) through a team led by partner Alejandro Perelsztein and associates Leandro E. Belusci, Facundo Sainato and Manuel Etchevehere and Linklaters LLP (as international counsel) through a team led by partner Conrado Tenaglia alongside counsel Alejandro Gordano and Matthew Brigham (Tax), associate Stephanie Torres and foreign attorneys Monica Perez-Banuet Farell and Juan Mata, advised Citigroup Global Markets Inc. in connection with the Consent Solicitations.