Press Release
May 13, 2022

Holland & Knight Advises BofA and BCP Securities on Successful Exchange Offer by Edenor, the Largest Electricity Distribution Company in Argentina

NEW YORK (May 13, 2022) – Holland & Knight has advised BofA Securities, Inc. and BCP Securities, Inc., as dealer managers, on the successful exchange offer for the 9.75% senior notes due 2022 of Empresa Distribuidora y Comercializadora Norte S.A. (Edenor), the largest electricity distribution company in Argentina. The debt refinanced was allocated in accordance with social bond guidelines.

Edenor offered to exchange any and all of its outstanding $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, $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 on May 12.

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 thrilled and proud to have supported BofA and BCP Securities on this transaction for Edenor," said Holland & Knight lead Partner Stephen Double. "We are very pleased we could draw on the strength of our team to work in close coordination with the dealer managers and their Argentine counsel on this important transaction."

Working with Mr. Double on this deal were Associates Maria de Bedout and Julia de la Parra, both based in New York.

Holland & Knight has advised on numerous landmark transactions in Argentina over the last several years, including on the international bond offerings by the Provinces of Mendoza, Salta, Entre Rios, Rio Negro, Chubut, Tierra de Fuego and Jujuy; liability management transactions for IMPSA and the Provinces of Jujuy, Chubut and Cordoba; and other energy and project financing transactions.

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