Multiple firms advise on AySA’s bond exchange offer
Bruchou & Funes de Rioja and Holland & Knight have advised Agua y Saneamientos Argentinos (AySA), and Salaverri Burgio Wetzler Malbrán Abogados and Linklaters have advised the underwriters in the international exchange offer and consent solicitation of AySA in relation to its Existing Negotiable Obligations.
The exchange offer was made on 27 December 2022, at a fixed annual nominal interest rate of 6.625% and maturing in 2023 for new Notes at a fixed interest rate of 7.900% and maturing on 1 May 2026.
In addition, the transaction involved cash consideration and a consent solicitation to eliminate certain events of default under the trust indenture governing the Existing Notes in accordance with the terms and conditions described in the Exchange Prospectus and Consent Solicitation dated 18 November 2022.
Approximately US $478.2 million principal amount of Existing Notes, representing approximately 95.64% of the outstanding Existing Notes, were tendered and accepted, and approximately US $309.8 million principal amount of New Notes were issued pursuant to the Exchange Offer.
In addition, once the required consents were obtained, the Proposed Amendments were adopted by a meeting of bondholders, and the supplement to the above-mentioned trust indenture became effective.
BofA Securities, HSBC Securities (USA) and AdCap Securities acted as lead arrangers and solicitation agents; Morrow Sodali Limited acted as Information, Swap and Representation Agent; and UMB Bank acted as Trustee, Paying Agent, Co-Registrar and Transfer Agent for the New Notes. Banco Santander Argentina acted as nominee for the Trustee in Argentina under the Existing Notes. Jones Walker LLP acted as New York counsel to UMB Bank, as trustee under the New Notes, and to U.S. Bank Trust Company, National Association, as trustee under the Existing Notes.
The in-house lawyers involved in the transaction were Gala Barbieri, Luis Sprovieri and María Laura Álvarez for AySA; and Ignacio Manuel García Deibe, Eloísa Rodríguez and Federico Tantanian for Banco Santander Argentina.
Bruchou’s team was led by partner Alejandro Perelsztein (pictured left), with support from associates Ramón Augusto Poliche, Josefina Mortola Saiach and Facundo Suarez Loñ.
Holland & Knight’s team comprised partner Stephen Double, associate Maria De Bedout and international associate Pedro Cruz Morandé.
Salaverri’s team included partner Roberto Lizondo (pictured right), and associates Santiago Freyre, Camila Mindlin, Sebastian Swinnen, Matias Solovitas and Santiago Linares.
Linklaters’ team consisted of partner Conrado Tenaglia, consultant Alejandro Gordano, associates Madeleine Blehaut and Juan Mata and foreign counsel Mario Lercari.
Jones Walker’s team was represented by partner Wish Ziegler.
