Telecom Argentina in Exchange Offer, Consent Solicitation, and Concurrent New Money Offering

August 6, 2020

Cleary Gottlieb represented Telecom Argentina S.A. (Telecom) in its offer to exchange any and all of the outstanding 6.5% notes due 2021 for newly issued 8.5% senior amortizing notes due 2025 and the related solicitation of consents to amend the old notes and the related indenture to eliminate and/or amend certain covenants, events of defaults, and other provisions thereunder.

Holders of old notes tendered $362.17 million aggregate principal amount of old notes, representing 77.74% of the outstanding aggregate principal of old notes, in the exchange offer. Telecom also obtained consents representing the requisite majority to vote in favor of the proposed amendments to the old notes and the related indenture.

Concurrently with the exchange offer and consent solicitation, Telecom issued an additional aggregate principal amount of $135.43 million of 8.5% senior amortizing notes due 2025.

The exchange offer and consent solicitation launched on July 7, 2020, and settled on August 6, 2020. The new money offer launched and priced on August 3, 2020, and closed on August 6, 2020, concurrently with the exchange offer.

Citigroup Global Markets Inc., Santander Investment Securities Inc., HSBC Securities (USA) Inc., Itau BBA USA Securities Inc., and J.P. Morgan Securities LLC acted as dealer managers for the exchange offer and consent solicitation and as initial purchasers for the concurrent offering of the new money notes.

Telecom is a leading telecommunications company in Argentina, where it offers local and long distance fixed-line telephony, cellular, data transmission, and pay TV and internet services, among other services. Additionally, Telecom offers mobile, broadband, and satellite TV services in Paraguay and pay TV services in Uruguay.