BNY Appointed By Telecom Argentina As Trustee, Registrar, Paying Agent And Transfer Agent

The Bank of New York was appointed by Telecom Argentina as trustee, registrar and paying and transfer agent for its landmark $1.5 billion debt restructuring. The transaction was Argentina's largest corporate debt restructuring to date, according to published reports. The

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The Bank of New York was appointed by Telecom Argentina as trustee, registrar and paying and transfer agent for its landmark $1.5 billion debt restructuring. The transaction was Argentina’s largest corporate debt restructuring to date, according to published reports.

The restructure involved the exchange of $2.8 billion in outstanding debt for newly issued exchange notes and cash. As the settlement agent in the transaction, The Bank of New York received and processed electronic and manual instructions from investors holding bonds in Euroclear, Clearstream, the DTC, and from creditors holding debt in physical form. Consents and distribution instructions were sought from over 1,100 creditors.

Karen Peetz, executive vice president and Head of the Bank’s Corporate Trust Division, said, “Our role in this milestone transaction, along with our involvement in other recent high-profile sovereign restructurings for the Dominican Republic, the Federative Republic of Brazil, the Republic of Colombia, and the Republic of Argentina, emphasizes our commitment to Latin America. By collaborating with Telecom Argentina and its advisors, we were able to bring about a successful and professionally executed debt restructuring where we leveraged our innovative technology platform and expertise to meet their specific needs.”

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