DLA Piper helps in new issue of Chubut province

DLA Piper has assisted in the issuance of Series CV Class 1 and 2 Negotiable Obligations, and Series CVI Class 1 and Class 2 Negotiable Obligations for a total amount of $6,291,032,249.

The issuance was made on July 25 and August 22 under the Province’s Negotiable Obligations Issuance Programme.

The Series CV Class 1 and Class 2 Notes mature on August 22, 2023 and October 20, 2023, respectively. Principal is payable in full at maturity and bears interest for the Series CV at the greater of (i) a fixed annual nominal rate; and (ii) the sum of the BADLAR rate plus a fixed margin determined in the bidding process.

The Series CVI Class 1 and Class 2 Notes mature on 22 September 2023 and 23 November 2023, respectively. Principal is payable in full at maturity and bears interest for Series CV at the greater of (i) the sum of the BADLAR rate plus a fixed margin determined in the bidding process (ii) the nominal value of the issue divided by the Initial Exchange Rate plus a nominal annual interest rate of 1.5% and multiplying the result by the Final Exchange Rate minus the nominal value.

Lorente & López advised Banco del Chubut, as arranger, underwriter and financial agent of the Province; while Martínez de Hoz & Rueda advised Puente Hnos, Banco de Servicios y Transacciones, Global Valores, Balanz Capital Valores, Banco Comafi, Banco Patagonia and Banco Hipotecario, as underwriters.

DLA Piper’s team was led by partner Justo Segura (pictured left), with support from associates Federico Vieyra, Marcelo Ra and paralegal Iñaki Jordan.

L&L’s team included partners Martín Rozental (pictured centre, left) and Ariel A. Di Bártolo (pictured centre, right), and associate Giselle Comesaña.

MHR was represented by partner José Martínez de Hoz —grandson— (pictured right) and associates Luisina Luchini and Julieta Soliverez.