Tanoira Cassange advises the Province of Neuquén on debt restructuring
Tanoira Cassange Abogados has assisted in the $683 million notes issuance
Tanoira Cassagne Abogados and Bruchou, Fernández Madero & Lombardi advised on the successful restructuring of approximately $683 million principal amount of outstanding notes by the Province of Neuquén.
Tanoira Cassagne Abogados acted as advisor to the Province of Neuquén, and Bruchou, Fernández Madero & Lombardi, acted as advisor to Citigroup, as consent solicitation agent, in the restructuring of $683 million principal amount of outstanding notes issued by the Province in the international capital markets.
The restructuring vehicle was a thorough consent solicitation exercise involving negotiations with ad hoc holders’ committees and advisors.
Neuquén, a province of the Republic of Argentina, received consents from holders representing 87.12% of the aggregate principal amount of $317 million of the 8.625% Secured Notes due on 2028, Series 1 (Tranches 1 and 2) (“TICADE Notes”), and 93.00% of the aggregate principal amount of $366 million 7,500% Notes due on 2025, Series 1 (“TIDENEU Notes”, and jointly with the TICADE Notes, the “Eligible Notes”), to modify certain terms and conditions of such Eligible Notes (the “Consent Solicitations” and the “Proposed Amendments”, respectively).
The terms and conditions of the Consent Solicitations aimed to maintain the provincial public debt at sustainable levels and involved, among other matters, the amendment of their respective indentures and the amendment of the local collateral documents in the case of the TICADE Notes.
Citigroup Global Markets Inc. acted as consent solicitation agent, Morrow Sodali Ltd. acted as information and tabulation agent and Quantum Finanzas acted as financial advisor to the Province in connection with the Consent Solicitations.
Tanoira Cassagne Abogados team was led by partners Alexia Rosenthal and Jaime Uranga, and involved associates Juan Sanguinetti, Lucía Farrando and Carolina Demarco.
Cleary Gottlieb Steen & Hamilton acted as international counsel of Neuquén through a team led by partner Andrés de la Cruz and associates Benjamín Terán, Juan Leguizamo and Lara Gómez Tomei.
Bruchou, Fernández Madero & Lombardi advised Citigroup Global Markets Inc. with a team led by partner Alejandro Perelsztein, and involved associates Leandro E. Belusci, Facundo Sainato and Manuel Etchevehere. Linklaters LLP acted as international counsel through a team led by partner Conrado Tenaglia, alongside counsel Alejandro Gordano and Matthew Brigham (Tax), associate Stephanie Torres and foreign attorneys Monica Perez-Banuet Farell and Juan Mata.
