Shearman And Sterling

News December 28, 2020

Province of Rio Negro's Debt Restructuring

Shearman & Sterling advised BofA Securities, Inc. and UBS Securities LLC as consent solicitation agents on the Province of Rio Negro’s restructuring of its outstanding $300 million 7.75 percent notes due 2025. The consent solicitation used the Collective Action Clauses of the Province’s outstanding notes to extend the maturity of the notes and to lower the interest rate. To effectuate the consent, the Province received consents from 96.23 percent of holders, clearing the 75 percent threshold required to give effect to the amendments to the notes.

The Shearman & Sterling team below also included visiting attorney Pedro de Elizalde.

The Team

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