Clifford Chance

Clifford Chance advises Argentine company CLISA on successful US$336.5 million debt restructuring

Global law firm Clifford Chance has advised Compañía Latinoamericana de Infraestructura & Servicios S.A. (CLISA) in connection with its consent solicitation (the Consent Solicitation) directed to holders of its outstanding Step-Up Senior Secured Notes due 2027 (the Notes).

CLISA requested the consent of holders of Notes to proposed amendments, including reducing the aggregate principal amount of the Notes to US$270 million, extending the maturity date, modifying the applicable interest rate and scheduled interest payments, adding new collateral and including a new covenant to issue redeemable notes subject to certain requirements, among others.

Pursuant to the indenture, the proposed amendments required the prior consent of holders representing not less than 75% of the aggregate principal amount of the outstanding Notes. CLISA successfully closed the Consent Solicitation after receiving consents from holders representing approximately 94% of the outstanding Notes.

CLISA, an Argentine infrastructure manager and developer with over 115 years of experience, is currently organized along four principal business segments: (i) construction, (ii) waste management, (iii) transportation and (iv) water supply.

The Clifford Chance team advising CLISA was led by partner Hugo Triaca and included associates Paula Ferreira and Mariana Gutierrez Ruiz, all based in New York. The team was assisted by counsel Anja Pfleger Andrade in São Paulo and Sarah Campbell in New York. Partner Avrohom Gelber and associates DyTiesha Dunson and Joshua Thomas also assisted with the tax aspects of the transaction.

Clifford Chance advises on many transactions in the Latin American market, including the recent notes issuance and related exchange offer by Argentine company EDENOR.