Andrés de la Cruz’s practice focuses on advising private and public sector clients in connection with cross-border corporate and financial matters, including debt restructurings, securities offerings, structured financing, as well as mergers and acquisitions and joint ventures.
Andrés has worked on numerous transactions in the United States, Latin America, and Europe. He regularly advises the governments of Argentina, Chile, and Uruguay, as well as numerous sub-sovereign entities in Latin America, in a wide range of financing, liability management, and restructuring transactions.
He received the “Dealmaker of the Year” award from the American Lawyer in 2017 for his leading role as counsel to Argentina in its historic $16.5 billion debt offering in 2016, the largest sale of debt by any developing nation.
Andrés joined the firm in 1988 and became a partner in 1998. He was resident in the Brussels office from 1988 through 1992, in the New York office from 1992 through 2004, and in the Frankfurt office from 2005 through 2008. In 2009 Andrés moved to Buenos Aires to open Cleary’s office in Argentina.
Abbott Laboratories in a tender and consent solicitation to purchase any and all of the outstanding 5.125 percent senior notes due 2022 of its subsidiary CFR International.
The Republic of Argentina in various transactions, including:
- Its $9 billion SEC-registered offering of three series of debt securities issued in 2018.
- Its $16.5 billion SEC-registered offering, which incorporated a structure allowing for the payment of amounts needed to lift pari passu injunctions established by court order, which helped to facilitate the payment of settlement claims to holders of defaulted bonds and the negotiation of a settlement agreement with TFA, the entity representing the plaintiffs in the concurrent ICSID arbitration.
- The $750 million acquisition financing extended to its holding company in connection with its $11.5 billion merger with Telecom Argentina and the merger, which created the largest telecommunications group in Argentina.
- The issuance of its $286,377,785 9.375 percent Series V notes due 2018 in connection with the refinancing of existing notes.
Central Puerto S.A. in its $379.5 million IPO.
CFR Pharmaceuticals in:
- Its $2.9 billion sale to Abbott Laboratories.
- A Rule 144A/Regulation S high yield offering of $300 million of 5.125 percent senior notes due 2022 by its wholly owned subsidiary CFR International SpA, and in the concurrent negotiation of a bridge credit facility.
The Republic of Chile in various transactions, including:
- A $500 million Catastrophe Bond issuance by the World Bank’s International Bank for Reconstruction and Development intended to insure Chile for its financial risk in connection with earthquake events, the first Catastrophe Bond issuance in which Chile participated.
- Its Ps. 1 trillion 4.25 percent bonds due 2021 offered to the public in Chile and to investors outsides of Chile, the country’s first international offering of peso-denominated bonds governed by Chilean Law.
- Registered offerings of its €950 million 1.875 percent notes due 2030 and in a further issuance of its €440 million 1.625 percent notes due 2025 of Chile’s €800 million 1.625 percent notes due 2025 initially issued on December 12, 2014.
- Registered offerings of $1,060,131,000 3.125 percent notes due 2025 and €800 million 1.625 percent notes due 2025. The euro transaction was Chile’s first euro-denominated issuance in more than a decade and it was oversubscribed multiple times.
- Its $1.5 billion offering, comprised of $750 million 2.250 percent notes due 2022 and $750 million 3.625 percent notes due 2042. The transaction gave Chile the lowest cost of financing in its history, and resulted in the lowest interest rate ever obtained by a Latin American sovereign issuer at the time.
Colbún in connection with:
- A $250 million term loan.
- A $160 million financing, which consisted of four bilateral credit agreements between Colbun and each of Bank of Tokyo-Mitsubishi UFJ, HSBC and Scotiabank, each in the amount of $40 million, with Scotiabank originating two of the four loans.
Deutsche Bank as arranger, initial lender and account bank, and Deutsche Bank Trust Company Americas, as administrative agent, in a $100 million loan to YPF S.A.
Deutsche Bank AG, London Branch, as arranger and initial lender, and Deutsche Bank Trust Company Americas, as administrative agent, collateral agent and account bank, in a $103,150,000 million senior secured term loan facility to W de Argentina - Inversiones, S.A.
The initial purchasers in connection with Empresa Nacional del Petróleo’s $600 million offering of notes due 2024.
Grupo Clarín in connection with various deals, including:
- The acquisition of a 49 percent interest in Nextel Communications Argentina from NII Holdings, Inc., making Nextel wholly-owned by Grupo Clarín.
- The split-up of its cable TB, broadband and data transmission business operated by its subsidiary Cablevisión into a new Argentine corporation under the name of Cablevisión Holding.
- The acquisition of a 60 percent interest in Cablevisión and Teledigital.
- Its $462 million IPO.
- The debt restructurings of a number of its subsidiaries.
The Hellenic Republic in its €31.9 billion bond exchange transaction. The transaction reduced Greece's debt by approximately €20.6 billion. Earlier in 2012, Cleary Gottlieb represented the Hellenic Republic in the PSI transaction which involved the restructuring of approximately €200 billion of Greek bonds, the largest sovereign debt restructuring in history, as well as the negotiation of financial assistance agreements with the European Financial Stability Facility in excess of €150 billion.
Mastellone Hermanos’ tender and exchange offer for its $171,300,758 outstanding financial debt and in the issuance by Mastellone of $113,733,774 principal amount of 12.625 percent Series F notes due 2021.
MetroGAS S.A. in its $314 million debt restructuring.
The Republic of Paraguay in various transactions, including its:
- $280 million reopening of its 4.625 percent bonds due 2023 pursuant to Rule 144A/Reg S.
- $1 billion Rule 144A/Reg S debt offering of 6.100 percent bonds due 2044.
- $500 million 144A/RegS debt offering of 4.625 percent bonds due. The offering marks the lowest yield and coupon ever achieved by a double-B Latin American sovereign in a U.S.-denominated bond offering.
Raghsa in an exchange offer and consent solicitation in respect of its $100 million 8.50 percent notes due 2017 and the issuance of its $57,888,000 8.50 percent notes due 2021.
Telecom Argentina in connection with a $1 billion credit facility with a consortium of international banks.
The ad-hoc creditors committee, in connection with the $345 million debt restructuring of Transportadora del Gas del Norte.
United Mexican States in various transactions, including its:
- Investment-grade offering of €1.5 billion aggregate principal amount of 4.000 percent global notes due 2115, the first ever century euro bond offering
- Investment-grade offering of $2 billion aggregate principal amount of 3.600 percent global notes due 2025
The Republic of Uruguay in various transactions, including:
- Multiple liability management transactions, most recently its $1.75 billion offering of 4.975 percent notes due 2055, certain of the proceeds of which were used to repurchase certain outstanding securities as part of a concurrent switch tender offer.
- An international exchange offer of fifteen new bonds that featured, for the first time in a sovereign issuance, a provision for aggregated voting among the series to make changes binding on multiple series, and which, together with a domestic exchange offer and the amendment of a Samurai bond, resulted in the debt restructuring of more than 90 percent of the country’s $5.2 billion outstanding foreign currency bonds.
- The negotiation and procurement of a $1.5 billion bridge loan from the U.S. Department of the Treasury, the first such loan extended by the George W. Bush Administration to a country in financial crisis.