Clifford Chance

Clifford Chance advises Argentine infrastructure company CLISA on successful exchange offer and consent solicitation

New York: Leading international law firm Clifford Chance has advised Argentine infrastructure manager and developer Compañía Latinoamericana de Infraestructura & Servicios S.A. (CLISA) on its US$322 million international exchange offer (the Exchange Offer) and consent solicitation (the Consent Solicitation).

CLISA offered to exchange any and all of (i) its outstanding US$302,261,086 9.5% Senior Secured Notes due 2023 and (ii) its outstanding US$29,960,000 9.5% Senior Unsecured Notes due 2023 (together, the Old Notes), for new Step-Up Senior Secured Notes due 2027 (the New Secured Notes).

In conjunction with the Exchange Offer, CLISA solicited consents from holders of Old Notes to certain proposed amendments (the Proposed Amendments) to the terms and conditions of the indentures under which the Old Notes were issued. As of the expiration date of the Exchange Offer, US$322,113,336 in aggregate principal amount of the Old Notes, or approximately 97.0% of the outstanding Old Notes, had been tendered for exchange in the Exchange Offer with the corresponding consents to the Proposed Amendments delivered in the Consent Solicitation. As a result, CLISA entered into Supplemental Indentures to amend the terms of the indentures governing the Old Notes to give effect to the Proposed Amendments and issued the New Secured Notes to exchanging holders of the Old Notes. The transaction closed on August 17, 2021.

Lead partner Hugo Triaca commented: "We are proud to have supported CLISA and pleased we could draw on the strength of our Clifford Chance team to work in close coordination with CLISA's management and Argentine counsel on such a complex and intricate deal structure."

Working with Hugo on this deal were partners Jonathan Zonis (Capital Markets), Avrohom Gelber (Tax) and Jennifer DeMarco (Banking & Finance), counsel Sarah Campbell (Banking & Finance) and Anja Pfleger Andrade (Capital Markets), associates Allison Kelly (Tax) and Jared Quinn (Banking & Finance), law clerk Joyce Moore and summer law clerk Alessia Saracino.

Clifford Chance has advised on many landmark transactions in Argentina, including on the historic sovereign debt restructuring by the Republic of Argentina, and debt restructurings by the City of Córdoba, the Province of Jujuy and the Province of Entre Ríos.