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News May 31, 2017

Shearman & Sterling Advises on the Province of Buenos Aires’ ARS 15.1 Billion Notes Offering

Shearman & Sterling represented BBVA Banco Francés S.A., Banco Santander Río S.A. and HSBC Bank Argentina S.A., as initial purchasers, and BBVA Securities Inc., Santander Investment Securities Inc. and HSBC Securities (USA) Inc., as international purchasers, in connection with the Province of Buenos Aires’ (a Province of the Republic of Argentina) global offering of ARS 15,182,423,000 notes due 2022 (the "Notes"). The global offering consisted of an offering of ARS 5,169,536,000 aggregate principal amount of notes to the public in Argentina and an offering of ARS 10,012,887,000 aggregate principal amount of notes to investors outside of Argentina pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. Interest on the Notes will accrue at a variable rate with certain applicable minimum rates. The Notes are the first bonds denominated in Argentine pesos, governed by Argentine law and subject to Argentine jurisdiction to be marketed internationally by the Province of Buenos Aires. 

The Shearman & Sterling team included partner Antonia Stolper (New York-Capital Markets); counsel Alejandro Gordano (London-Capital Markets) and Jeffrey Tate (Washington, DC-Tax); associate Adam Sternberg (New York-Tax); and visiting attorney Maria Constanza Martella (New York-Capital Markets).

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