Bruchou advised on the restructuring of US$650 million principal amount of outstanding notes by the Province of Chubut

Bruchou & Funes de Rioja - December 21, 2020
Banking & Capital Markets – Sovereign Debt & Public Sector Finance Bankruptcy & Debt Restructure

 

Bruchou, Fernández Madero & Lombardi, acted as advisor to UBS Securities LLC, as consent solicitation agent, in the restructuring of US$650 million principal amount of outstanding notes issued by the Province of Chubut in the international capital markets.

The restructuring was carried out through a very thorough consent solicitation exercise involving negotiations with ad hoc holders´ committees and its advisors.

The Province, a province of the Republic of Argentina, received consents from holders representing 90.02% of the outstanding principal amount of the 7.7750% Secured Notes due on 2026, (”BOCADE Notes”) to modify certain terms and conditions of the BOCADE Notes (the “Consent Solicitation” and the “Proposed Amendments”, respectively).

By virtue of the Consent Solicitation, the indenture was amended in order to modify the maturity date, the interest rate and the amortization schedule of the BOCADE Notes.

UBS Securities LLC acted as consent solicitation agent, Morrow Sodali Ltd. acted as information and tabulation agent and Proficio Investment acted as financial advisor to the Province in connection with the Consent Solicitation.

Bruchou, Fernández Madero & Lombardi (as Argentine law counsel) through a team led by partner Perelsztein, Alejandro  and associates Barros Moss, Juan and Santiago Duhalde advised UBS Securities LLC in connection with the Consent Solicitation.