Clifford Chance

Clifford Chance advises Argentine infrastructure company CLISA on successful consent solicitation

Global law firm Clifford Chance has advised Argentine infrastructure manager and developer Compañía Latinoamericana de Infraestructura & Servicios S.A. (CLISA) in connection with its consent solicitation (the Consent Solicitation) directed to holders of its outstanding Step-Up Senior Secured Notes due 2027 (the Notes).

CLISA requested the consent of holders of Notes to a proposed amendment relating to the method of payment of the January 2024 interest coupon under the Notes, which consisted of CLISA being able to pay 100% of the January 2024 interest coupon in kind, maintaining the total annual interest rate in 8.50%.

Pursuant to the indenture, the proposed amendment required the prior consent of holders representing not less than 75% of the aggregate principal amount of the outstanding Notes. CLISA successfully closed the Consent Solicitation after receiving consents from holders representing approximately 93.56% of the outstanding Notes.

The Clifford Chance capital markets team advising CLISA included partner Hugo Triaca in New York, counsel Anja Pfleger Andrade in São Paulo, and associates Paula Ferreira and Tanecia Vasquez in New York. Partner Avrohom Gelber and associate Jason Sacks assisted with the tax aspects of the Consent Solicitation.

Clifford Chance advises on many transactions in the Latin American market, including on CLISA's previous successful exchange offer and consent solicitation.