Telecom Argentina in $800 Million New Money Offering

Cleary Gottlieb is representing longstanding client Telecom Argentina S.A. (Telecom) in its offering of $800 million 9.25% senior amortizing notes due 2033.

The notes were offered in the United States pursuant to Rule 144A and outside of the United States pursuant to Regulation S. The offering launched on May 19, 2025, priced on May 22, 2025, and is expected to settle on May 28, 2025. 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.