La Rioja in Successful Sovereign Debt Restructuring
September 24, 2021
Cleary Gottlieb represented the Province of La Rioja (La Rioja), a province of the Republic of Argentina, in the restructuring of its $300 million 9.75% notes due 2025.
BofA Securities Inc. served as solicitation agent.
The restructuring of the outstanding 2025 notes resulted from a successful consent solicitation to amend certain terms and conditions of the 2025 notes and the indenture governing the 2025 notes. The consent solicitation commenced on August 31, 2021, expired on September 21, 2021, and settled on September 24, 2021. Holders of 98.61% of the aggregate principal amount of the 2025 notes delivered their consent to the proposed amendments, which became binding on all holders of the 2025 notes by operation of the collective action clause in the indenture.
The amendments sought by La Rioja had the primary goal of providing it with relief with respect to principal maturities and coupon under its dollar-denominated financial obligations.