The province of Mendoza in Argetina issued $500 million in bonds and instructed Holland & Knight and Cabanellas, Etchebarne & Kelly for the deal.
The issuance included the offer and sale of $500 million of 8.375% senior unsecured notes due 2024. The notes were offered and sold in the U.S. to qualified institutional buyers pursuant to Rule 144A and outside the U.S. pursuant to Regulation S, in each case under the U.S. Securities Act of 1933. The notes are listed on the Luxembourg Stock Exchange and admitted for trading on the Euro MTF.
Citibank Global Markets and Credit Suisse Securities acted as joint bookrunners on the offering. The banks retained Linklaters and Salaverri, Dellatorre, Burgio & Wetzler Malbran.
The offering is perceived as a positive sign of Argentine sovereign issuers returning to international capital markets in recent months, including offerings by the Republic of Argentina and the Province of Neuquén.