Buenos Aires in Debt Offering

March 9, 2016

Cleary Gottlieb represented long-time client The Province of Buenos Aires, a province of the Republic of Argentina, in a $1.25 billion Rule 144A/ Reg S debt offering of its 9.125% Notes due 2024.

The offering, for which Citigroup, HSBC and JP Morgan served as joint bookrunners and Banco de la Provincia de Buenos Aires acted as local co-manager, priced on March 9, 2016 and closed on March 16, 2016.  This deal was the first issuance by an Argentine sovereign entity since President Mauricio Macri and Governor María Eugenia Vidal assumed office in December 2015.

The 9.125% Notes due 2024 are expected to be listed on the Luxembourg Stock Exchange and admitted to trade on the Euro MTF market of the exchange.