DLA Piper advises Argentine Province of Chubut in debt restructuring
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NEW YORK, Jan. 7, 2021 /PRNewswire/ DLA Piper represented Argentina s Province of Chubut in connection with its consent solicitation to modify the terms of its US$650 million 7.75% secured amortizing notes due 2026.
The notes were originally issued by the Province in 2016 and secured by oil and gas royalties with operations in the Province. The consent solicitation was successfully completed on December 17, 2020, with bondholders tendering over 90% of the notes. By virtue of the application of the collective action clause under the notes, the notes maturity date was extended by four years, until 2030, and the interest rate and principal amortization provisions were amended to provide the Province significant payment relief during 2021, 2022 and 2023.