Bruchou counsels Provincia La Rioja on 300m restructuring
Bruchou, Fernández, Madero & Lombardi has assisted the Province of La Rioja in its USD 300 million restructuring of its debt securities
Bruchou, Fernández Madero & Lombardi has counselled the Province of La Rioja on the restructuring of $300 million US dollars principal amount of the 9.750% Debt Securities due 2025 issued by the Province in the international capital markets.
The restructuring was carried out through a consent solicitation and involved negotiations with the holders’ representatives and their advisors.
The Province received the consent of the holders, representing 98.61% of the principal amount of the outstanding Securities, to certain proposed amendments to the terms of the Securities, achieving the highest percentage of acceptance ever for provincial restructurings.
As a result of the successful Consent Solicitation, the Trust Agreement governing the Securities was amended to extend the maturity date, modify the interest rate and the amortization schedule of the Securities, among other modifications.
Bruchou’s team was led by partner Hugo N.L. Bruzone (pictured left), with support from senior associate Leandro Exequiel Belusci (pictured right), and associates Lucila Dorado and Delfina Calderale.
