Telecom Argentina in $600 Million New Money Offering

Cleary Gottlieb is representing longstanding client Telecom Argentina S.A. (Telecom) in its offering of $600 million 8.5% senior amortizing notes due 2036.

The notes were offered in the U.S. pursuant to Rule 144A, and outside of the U.S. pursuant to Regulation S. The offering launched on January 12, 2026, priced on January 14, 2026, and is expected to settle on January 20, 2026. 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 redeem and prepay existing debt of Telecom, including the redemption of its outstanding 144A/Reg S Notes maturing 2026 and the prepayment of the 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.

The Cleary corporate team includes partner Juan Giraldez, associates Carla Martini and Lara Gomez Tomei, and international lawyer Matias Chaves. Partner Matt Brigham and associate Nathaniel Pribil are advising on tax matters, with assistance from law clerk Jiyoung (Reina) Kim. Partner Amber Phillips and associate Ben Rosenblum are advising on Investment Company Act matters, with assistance from law clerk Efpraxia (Effie) Stathaki.