January 28, 2021

Milbank Advises Consent Solicitation Agents on the Successful Restructuring of Notes by the Province of Córdoba


Milbank LLP advised the consent solicitation agents in connection with the Province of Córdoba’s (the "Province") successful restructuring of its outstanding $1.6 billion principal amount of the Notes issued by the Province in the international capital markets. Córdoba is the latest Argentine province to restructure its international bonds with creditors.

The Province received consents from holders representing 96.29% of the aggregate principal amount of its outstanding notes, represented by the following series: (i) 7.125% Notes due 2021, (ii) 7.450% Notes due 2024, and (iii) 7.125% Notes due 2027 (the “Notes”), which allowed the application of the collective action clauses in each indenture to modify all Notes.

The Milbank deal team was led by Marcelo Mottesi, Chair of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group, with associates Gonzalo Guitart and Jesus Narvaez. The team also included Tax partner Andrew Walker and associate Benjamin Heller.

Mr. Mottesi said, “Milbank is pleased to have advised the consent solicitation agents in connection with the successful debt restructuring for the Province of Córdoba.”

Milbank recently advised on the successful debt restructuring for another Argentine province, the Province of Chubut.