Clifford Chance

Clifford Chance advises on successful debt restructuring by the Province of Jujuy, Argentina

Leading international law firm Clifford Chance has advised BCP Securities, LLC and Santander Investment Securities Inc. as solicitation agents in the successful consent solicitation of the Province of Jujuy (the Province) to amend the terms of its 8.625% Notes due 2022 (the Notes).

As of the expiration time of the consent solicitation, the Province received consents from holders representing approximately 92.45% of the principal amount of Notes outstanding, obtaining the requisite consents under the indenture governing the Notes to give effect to the proposed amendments in the consent solicitation. Therefore, the Province and the trustee entered into a supplemental indenture and the Notes were amended to, among other things, lower coupon payments and extend the maturity date of the Notes.

The Clifford Chance team was led by Capital Markets partner Hugo Triaca in New York. Special Legal Consultant Pablo Fekete in Washington, DC provided support.

The firm is actively advising on landmark bond restructurings in Argentina. Most notably, the team advised the Argentina Creditor Committee on the historic sovereign debt restructuring by the Republic of Argentina and also advised on the successful debt restructurings by the City of Córdoba and the Province of Entre Ríos.