Holland & Knight and TCA Tanoira Cassagne advise on the successful international restructuring of USD 200 MM Notes of the Province of Tierra del Fuego.

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The Province of Tierra del Fuego, Antártida e Islas del Atlántico Sur (the “Province”), has successfully completed the international restructuring of its 8.950 % Secured Notes issued in 2017 (the “Notes”) of $200 million, face value after obtaining the consent of 90.89% of the holders, thus surpassing the 75 % threshold required for the application of the amendments to be extended to all bondholders.

As part of the proposed modifications to the terms and conditions of the Notes, an extension of 2 years and 9 months was established in relation to the original maturity date, which shifted from April 2027 to January 2030. Additionally, the principal amortization schedule was modified to 20 installments starting in April 2025, and the interest payment date was also modified while maintaining the original interest rate.

The same collateral scheme was maintained, and those holders who provided their voluntary consent collectively received a consent fee of USD 6,000,000.

The Province adapted to the current regulations set by the Central Bank of the Argentine Republic, as outlined in its Communication “A” 7782. The chosen scheme for the restructuring was similar to that used by other provinces and sovereign bonds.

BCP Securities, Inc. and Puente Servicios de Inversión S.A. acted as international consent solicitation agents; Puente Hnos. S.A. as local consent solicitation agent in Argentina; Contexto Investments acted as financial advisor and Morrow Sodali International LLC as the information and tabulation agent.

Holland & Knight acted New York law counsel to the international consent solicitation agents, through partner Stephen J. Double; associate Pedro de Elizalde and international law clerk Cristobal Morales.

TCA Tanoira Cassagne was the Argentine law deal counsel, through a team led by partners Alexia Rosenthal and Jaime Uranga and associates Lucía Viboud Aramendi, Teófilo Trusso, Juan Manuel Simó and Ana Lucía Miranda.

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