Telecom Argentina in $200 Million Notes Reopening

Cleary Gottlieb represented longstanding client Telecom Argentina S.A. (Telecom) in the $200 million reopening of its 9.25% senior amortizing notes due 2033.

The notes constituted a further issuance of Telecom’s notes initially issued on May 23, 2025. Following the reopening, the principal amount of notes outstanding will increase to $1 billion. Cleary also represented Telecom in the initial issuance.

The offering launched on July 22, 2025, priced on July 24, 2025, and closed on July 29, 2025. The notes are expected to be listed on the Luxembourg Stock Exchange, Bolsas y Mercados Argentinos S.A., and to trade on A3 Mercados. The proceeds of the offering will be used to prepay existing loans incurred to finance the acquisition of Telefonica Moviles Argentina S.A. in February 2025.

BBVA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC acted as initial purchasers of the notes.

Telecom is a leading telecommunications company in Argentina, offering its customers “quadruple play” services, combining mobile telephony services, cable television services, internet services, and fixed telephony services, among others. Additionally, Telecom Argentina offers mobile, internet, satellite TV, and other services in Paraguay; cable television services in Uruguay; cybersecurity services in Chile; and fixed wholesale services in the United States.