Press Release
December 1, 2022

Holland & Knight Advises BofA Securities on $76 Million Exchange Offer by Argentina's Edenor

NEW YORK (December 1, 2022) – Holland & Knight has advised BofA Securities, Inc., as deal manager, on a successful exchange offer from Empresa Distribuidora y Comercializadora Norte S.A. (Edenor), the largest electricity distribution company in Argentina. Edenor offered to exchange its outstanding $76 million of 9.75 percent senior notes due 2022 for new 9.75 percent senior notes due 2025 valued at $55 million. The transaction closed on Oct. 25, 2022.

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 in Argentina.

Holland & Knight Partner Stephen Double led the firm's representation of BofA. He was supported by Associate Julia de la Parra and International Law Clerk Pedro Cruz.

Holland & Knight has advised on numerous landmark transactions in Argentina throughout the last several years, including on a previous exchange offer by Edenor in 2022 and 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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