Cleary Gottlieb acted as international counsel to the Republic of Argentina in connection with its $16.5 billion debt offering that closed April 22, 2016.
In addition to preparing all documentation required for the offering, including the Republic’s new indenture adopting all innovations in sovereign debt financing, Cleary designed the structure of the transactions that would permit the payment of all amounts needed to permit the lifting of the pari passu injunctions on the terms set forth in the District Court’s order of March 2, 2016, affirmed by the Second Circuit on April 13, 2016. Cleary also assisted the Republic in the negotiation of the terms of a settlement trust agreement designed to permit the payment of settlement claims to holders of defaulted bonds in addition to those that were required to lift the injunctions, and of the negotiation of the terms of a settlement agreement with TFA, the entity representing Italian and other retail holders in the ICSID arbitration.