Raghsa in Debt Exchange Offer

Cleary Gottlieb represented real estate developer Raghsa S.A. (Raghsa) in an exchange offer of any and all of its 8.5% notes due 2021 and up to $40 million of its 7.25% notes due 2024 for new 8.5% notes due 2027 issued in reliance on Section 3(a)(9) of the Securities Act and Regulation S.

The exchange offer launched on April 2, 2020, and settled on May 11, 2020. Approximately $58.34 million representing approximately 73% of existing notes outstanding were exchanged for new notes under the terms of the exchange offer.