DLA Piper Argentina advised Empresa Distribuidora y Comercializadora Norte S. A. (Edenor) on the exchange offer of Class 9 Notes.
The exchange offer was due October 25, 2022, at a fixed interest rate of 9.75 percent per year (the Existing Notes) for new Class 1 Notes denominated and payable in US dollars, at a fixed interest rate of 9.75 percent per year, due May 12, 2025, issued by Edenor (New Class 1 Notes) and cash (the Exchange Offer).
The exchange offer was carried out in two tranches, allowing Edenor to successfully exchange a total face value of US$75,855,000 Existing Notes for a total face value of US$55,244,538 New Class 1 Notes plus cash, reaching a total adhesion rate of 77.35 percent of the outstanding Existing Notes.
In the second tranche of the Exchange Offer, Edenor offered in exchange additional New Class 1 Notes, which were issued on October 24, 2022. Bank of America Securities, Inc. acted as dealer manager; and Global Valores S.A. acted as local placement agent and exchange agent in Argentina.
DLA Piper partners Christopher Paci (New York), Alejandro Noblía (Buenos Aires) and Marcelo Etchebarne (both New York and Buenos Aires) co-led the deal team, which also included of counsel Nicolás Teijeiro (Buenos Aires) and associates Daiana Suk and Federico Vieyra (both in Buenos Aires).
DLA Piper Latin America’s team offers full-service business legal counsel to domestic and multinational companies with interests in and operations throughout the region. Our integrated approach to serving clients combines local knowledge with the resources of the DLA Piper global platform. With over 400 lawyers practicing throughout Argentina, Brazil, Colombia, Chile, Mexico, Peru, and Puerto Rico, our teams frequently work with our professionals throughout the LatAm region, Iberian Peninsula, and around the globe to ensure our clients receive the depth of service they require to meet their legal and business objectives.