Greenberg Traurig acts for Oppenheimer in Suriname consent solicitation
Greenberg Traurig has represented investment bank Oppenheimer & Co. as solicitation agent in the successful consent solicitation conducted by the Republic of Suriname in order to reprofile its principal payment obligations under its 9.875 per cent notes due in 2023 in light of the current economic and political situation affecting the country.
The consent allowed Suriname to amend certain terms of the notes in reliance on the collective action clause in the indenture – now common in most sovereign debt instruments – that permits amendments to essential terms with less than a unanimous vote of noteholders.
The amendments were approved by noteholders holding 99.84 per cent of the aggregate outstanding principal amount of the notes.
The consent solicitation was conducted over a shortened time frame of five business days following a pre-launch wall crossing.
“We are proud of our Latin America and global capital markets teams for bringing their knowledge, passion, and creativity to support this important transaction for our client and for the Republic of Suriname,” said Marc M. Rossell (pictured), a New York office-based shareholder in Greenberg Traurig’s global capital markets group and co-chair of the firm’s Latin America practice.
The Greenberg Traurig team representing Oppenheimer & Co. was led by Rossell, with additional team members from the New York office, including corporate practice of counsel Godric C. Shoesmith and tax practice shareholder Erez I. Tucner.
