Andrés de la Cruz has a uniquely multidisciplinary cross-border practice that includes some of the largest and most complex deals in Latin America, assisting clients with matters that cross multiple borders and practice areas.

Andrés focuses on advising private and public sector clients in connection with cross-border corporate and financial matters, including debt restructurings, securities offerings, structured financing, as well as mergers and acquisitions and joint ventures.

He is notable in particular for his instrumental role in sovereign debt management for the governments of Argentina, Chile, Paraguay and Uruguay, as well as for some landmark transactions in other regions; and for his wide-ranging experience in corporate and financing matters, which he provides to Argentine, Chilean, and other Latin American corporations active in the energy, media and telecommunications, pharmaceutical, and financial services industries.

Andrés has worked on numerous transactions in the United States, Latin America, and Europe. He regularly advises public and private sector issuers as well as financial institutions in Latin America, in a wide range of financing, liability management, and restructuring transactions.

He received the “Dealmaker of the Year” award from The American Lawyer in 2017 for his leading role as counsel to Argentina in its historic $16.5 billion debt offering in 2016, the largest sale of debt by any developing nation.

Andrés joined the firm in 1988 and became a partner in 1998. He was resident in the Brussels office from 1988 through 1992, in the New York office from 1992 through 2004, and in the Frankfurt office from 2005 through 2008. In 2009 Andrés moved to Buenos Aires to open Cleary’s office in Argentina.

Notable Experience

  • Abbott Laboratories in a tender and consent solicitation to purchase any and all of the outstanding 5.125% senior notes due 2022 of its subsidiary CFR International.

  • The Republic of Argentina in bond offerings totaling over $41.75 billion since April 2016, including a $9 billion SEC-registered offering of three series of debt securities issued in 2018; and a $16.5 billion SEC-registered offering, which incorporated a structure allowing for the payment of amounts needed to lift pari passu injunctions established by court order and the settlement of claims by holders of defaulted bonds since 2001.

  • Banco del Estado de Chile in its $500 million medium-term notes issuance and in the establishment of its $1 billion Rule 144A/ Reg S medium-term notes program and various offerings.

  • Cablevision Holdings in the $750 million acquisition financing extended in connection with the $11.5 billion merger of its subsidiary Cablevision S.A. with Telecom Argentina, as well as in connection with the merger, which created the largest telecommunications group in Argentina; and the issuance by Cablevision of its $286,377,785 9.375% Series V notes due 2018 in connection with the refinancing of outstanding debt.

  • Central Puerto S.A. in its $379.5 million IPO.

  • CFR Pharmaceuticals in its $2.9 billion sale to Abbott Laboratories, and in a Rule 144A/Regulation S high-yield offering of $300 million of 5.125% senior notes due 2022 by its wholly owned subsidiary CFR International SpA and the concurrent negotiation of a bridge credit facility.

  • The Republic of Chile in over $9 billion in debt capital markets transactions, including its registered green debt offering, the country’s first under its Green Bond Framework; a $500 million Catastrophe Bond issuance by the World Bank’s International Bank for Reconstruction and Development, intended to insure Chile for its financial risk in connection with earthquake events and the first Catastrophe Bond issuance in which Chile participated; the country’s first international offering of peso-denominated bonds governed by Chilean Law; and its $1.5 billion offering, which gave Chile the lowest cost of financing in its history and resulted in the lowest interest rate ever obtained by a Latin American sovereign issuer at the time.

  • Colbún in connection with a $250 million term loan, and in a $160 million financing, which consisted of four bilateral credit agreements between Colbun and each of Bank of Tokyo-Mitsubishi UFJ, HSBC and Scotiabank, each in the amount of $40 million, with Scotiabank originating two of the four loans.

  • Deutsche Bank as arranger, initial lender and account bank, and Deutsche Bank Trust Company Americas, as administrative agent, in a $100 million loan to YPF S.A.

  • Deutsche Bank AG, London Branch, as arranger and initial lender, and Deutsche Bank Trust Company Americas, as administrative agent, collateral agent and account bank, in a $103,150,000 million senior secured term loan facility to W de Argentina - Inversiones, S.A.

  • Grupo Clarín in connection with various deals, including the acquisition of a 49% interest in Nextel Communications Argentina from NII Holdings, Inc., making Nextel wholly owned by Grupo Clarín; the split-up of its cable TV, broadband, and data transmission business operated by its subsidiary Cablevisión into a new Argentine corporation under the name of Cablevisión Holding; the acquisition of a 60% interest in Cablevisión and Teledigital; its $462 million IPO; and the debt restructurings of a number of its subsidiaries.

  • The Hellenic Republic in its €31.9 billion bond exchange transaction. The transaction reduced Greece’s debt by approximately €20.6 billion, and previously in the PSI transaction that involved the restructuring of approximately €200 billion of Greek bonds, the largest sovereign debt restructuring in history, as well as the negotiation of financial assistance agreements with the European Financial Stability Facility in excess of €150 billion.

  • CT Barragán S.A., an Argentine company jointly owned by Pampa Energía S.A. and YPF S.A., in its senior secured term loan for an aggregate principal amount of $170 million to fund in part the acquisition of the Ensenada Barragán Power Plant.

  • Pampa Energía S.A. in its international offering of Rule 144A/Regulation S  Series 3 $300 million 9.125% notes due 2029.The initial purchasers in all four of the Republic of Paraguay’s international capital markets transactions, totaling approximately $2.5 billion.

  • The initial purchasers in all four of the Republic of Paraguay’s international capital markets transactions, totaling approximately $2.5 billion.

  • Raghsa in an exchange offer and consent solicitation in respect of its $100 million 8.50% notes due 2017 and the issuance of its $57,888,000 8.50% notes due 2021.

  • Telecom Argentina in connection with a $1 billion credit facility with a consortium of international banks; and in a $400 million Rule 144A/Reg S issuance of 8.000% notes due 2026.

  • The ad-hoc creditors committee, in connection with the $345 million debt restructuring of Transportadora del Gas del Norte.

  • The Republic of Uruguay in its international capital market transactions since 1993.

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Selected Activities

  • NYU Professor
  • Universidad Torcuato Di Tella Professor

Publications

Events