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4 March 20213 minute read

DLA Piper advises Argentine Province of Salta in debt restructuring

DLA Piper represented Argentina’s Province of Salta in connection with its consent solicitation to modify the terms of its US$350 million 9.125% notes due 2024. 

“We are pleased to have brought together an experienced cross-border team and extensive capital markets capabilities to assist the Province of Salta in connection with its debt restructuring,” said Marcelo Etchebarne, country head of DLA Piper Argentina, who led the firm’s deal team along with Christopher Paci, co-chair of DLA Piper’s Capital Markets practice group, and partner Nicolas Teijeiro. “This marks our third recent subsovereign debt restructuring, following our representation of the Province of Chubut in January and the Province of Mendoza in 2020, in addition to our representation this year of the Ad Hoc Steering Committee on the YPF US$6.2 billion debt restructuring and the ongoing representation of Vicentin on its US$1.5 billion debt restructuring.”

In addition to Etchebarne, Paci (both of New York) and Teijeiro (Buenos Aires), the DLA Piper team advising the Province of Salta included associates Juan Maria Rosatto, Andrea Aguirre (both of Buenos Aires) and John Wei (Boston). Partners Ariel Portnoy and Justo Segura and associate Marcos Taiana (all of Buenos Aires) provided advice under Argentine law.

DLA Piper’s global capital markets team represents issuers and underwriters in registered and unregistered equity, equity-linked and debt capital markets transactions, including initial public offerings, follow-on equity offerings, equity-linked securities offerings, and offerings of investments grade and high-yield debt securities.