NEW YORK, May 24, 2022 /PRNewswire/ -- DLA Piper has advised Empresa Distribuidora y Comercializadora Norte S.A. (Edenor), the largest electricity distribution company in Argentina, on the successful exchange offer for Edenor's 9.75% senior notes due 2022.
Edenor offered to exchange any and all of its outstanding US$98 million of 9.75% senior notes due 2022 (the old notes), for new 9.75% senior notes due 2025 (the new notes). As of the expiration date of the exchange offer on May 9, US$71.8 million in aggregate principal amount of old notes, representing 73.25% of the aggregate principal amount of old notes outstanding, had been tendered and accepted in the exchange offer. The transaction closed earlier this month.
The debt refinanced by the new bonds was allocated in accordance with social bond guidelines to refinance, in whole or in part, eligible projects designed to expand access to electricity in low income communities, encourage the efficient use of electricity and install electronic "smart" meters to more efficiently measure electricity usage.
"We are honored to have acted for Edenor on its debt exchange offer," said DLA Piper partner Christopher Paci who led the team. "We are very pleased we could draw on the strength of our combined teams in New York and Buenos Aires to advise Edenor on this important liability management transaction."
In 2021, DLA Piper acted for Empresa de Energia del Cono Sur S.A. (Edelcos) in its tender offer for the publicly listed shares of Edenor on Bolsas y Mercados Argentinos and the New York Stock Exchange following Edelcos' acquisition of a majority of Edenor's voting shares.
DLA Piper has advised on numerous landmark transactions in Argentina in the last two years, including on liability management transactions for YPF S.A., in which the firm represented an ad hoc committee comprising some of the largest bondholders, and the Provinces of Buenos Aires, Mendoza, Entre Rios, Chaco, Chubut and Salta.
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.
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