Holland & Knight Advises Agua y Saneamientos Argentinos S.A. (AySA) on International Exchange Offer and Consent Solicitation

NEW YORK (January 4, 2023) – Holland & Knight, together with Argentine counsel Bruchou & Funes de Rioja, advised Agua y Saneamientos Argentinos S.A. (AySA), as issuer, on its offer to exchange any and all of its US$500 million 6.625% Senior Notes due 2023 (Existing Notes) for newly issued 7.900% Senior Notes due 2026 (New Notes) and cash, as well as the consent solicitation to eliminate certain events of default under the indenture governing the Existing Notes.

Approximately US$478.2 million aggregate principal amount of Existing Notes, representing approximately 95.64% of the aggregate principal amount of Existing Notes outstanding, were tendered and accepted in the exchange offer. The proposed amendments were approved at a holders' meeting of the Existing Notes, and the supplemental indenture amending the indenture governing the Existing Notes became effective as of Dec. 16, 2022. The exchange offer closed and settled on Dec. 27, 2022.

AySA holds the exclusive concession for the provision of drinking water and sewage services in the City of Buenos Aires and 26 districts surrounding the Greater Buenos Aires Area.

The Holland & Knight team was led by Partner Stephen Double in New York, together with Associate Maria De Bedout and International Law Clerk Pedro Cruz Morandé.

Bruchou & Funes de Rioja acted as legal counsel to AySA in Buenos Aires through its team led by Partner Alejandro Perelsztein, together with Associates Ramón Augusto Poliche, Josefina Mortola Saiach and Facundo Suarez Loñ.

BofA Securities, Inc., HSBC Securities (USA) Inc. and AdCap Securities LTD acted as dealer managers and solicitation agents on the transaction.