Telecom Argentina in $200 Million Notes Reopening

Cleary Gottlieb represented Telecom Argentina S.A. (Telecom) in the $200 million reopening of its 9.500% senior amortizing notes due 2031.

Telecom achieved a yield to worst of 8.750% in the reopening. Telecom previously issued its 9.500% senior amortizing notes due 2031 in a new money offer and an exchange offer, resulting in a total aggregate principal amount outstanding of $817.2 million in the series.

The notes were offered in a private placement in the United States pursuant to Rule 144A and outside of the United States pursuant to Regulation S. The issuance launched on October 21, 2024, priced on October 24, 2024, and closed on October 29, 2024.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Latin Securities S.A., Agente de Valores, and Santander US Capital Markets LLC, acted as initial purchasers for the offering of the notes.

Telecom is a leading telecommunications company in Argentina, where it offers its customers “quadruple play” services, combining mobile telephony services, cable television services, internet services, and fixed telephony services, among others. Additionally, Telecom offers mobile, internet, satellite TV, and other services in Paraguay; cable television services in Uruguay; cybersecurity services in Chile; and fixed wholesale services in the United States.