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Published on 8/12/2021 in the Prospect News Distressed Debt Daily, Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Argentina’s Clisa announces final exchange results, consent solicitation

By William Gullotti

Buffalo, N.Y., Aug. 12 – Argentina’s Compania Latinoamericana de Infraestructura & Servicios SA (Clisa) said that as of today’s extended expiration time, $322,113,336 in aggregate principal amount, or approximately 97%, of the combined senior notes due 2023 were tendered pursuant to the exchange offer along with the corresponding consents.

$298,351,336 of the outstanding 9˝% senior secured notes due 2023, or approximately 98.7%, were tendered for exchange.

$23,762,000 of the outstanding 9˝% senior unsecured notes due 2023, or approximately 79.3%, were tendered for exchange.

As a result of the level of participation in the exchange offer, Clisa will not be required to enter into an Acuerdo Preventivo Extrajudicial (APE) pursuant to Argentine laws. The company also waives the requirement of the exchange offer requiring holders of old notes to submit instruction letters.

As previously reported, Clisa will exchange the old notes for new step-up senior secured notes due 2027, and the exchange is expected to occur Aug. 17.

The notes are guaranteed by Cliba Ingenieria Urbana SA and Benito Roggio e Hijos SA.

BCP Securities, LLC is the dealer manager and solicitation agent for the exchange offer, the consent solicitation and APE solicitation agent outside Argentina (203 629-2186). Banco CMF SA is the Argentine dealer manager and solicitation agent (+54 11 4318 6800).

D.F. King is the information, exchange and tabulation agent (212 269-5550, 866 745-0273, clisa@dfking.com).

Clisa is a Buenos Aires, Argentina-based infrastructure manager and developer with construction, waste management, transportation and water supply services as its principal business segments.


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