The City of Córdoba, as borrower, obtained a financing for an aggregate principal amount of US$120 million, with the Province of Córdoba participating as guarantor.

The transaction was arranged by Deutsche Bank AG, with TMF Group New York LLC acting as administrative agent and private lenders providing the financing.

The proceeds will be used primarily for the management, refinancing and repayment of the City of Córdoba’s existing financial indebtedness, including obligations in respect of both local and international debt. Among other uses, the transaction contemplates the early redemption of the City’s outstanding Step-Up Notes due 2027 and the application of a portion of the proceeds toward the repayment and refinancing of certain local debt instruments.

The financing has a four-year tenor, including a two-year grace period for principal amortization, semi-annual interest payments and semi-annual principal amortization following the end of the grace period. The transaction is governed by the laws of the State of New York.

Tavarone Rovelli Salim Miani acted as local legal counsel to the City of Córdoba and the Province of Córdoba, with a team led by partners Marcelo R. Tavarone and Julieta De Ruggiero, together with associates Juan Cruz Carenzo, Manuel Camblong, Juan Pablo Reinoso and Angela Briante.

A&O Shearman acted as legal counsel under New York Law to the City of Córdoba and the Province of Córdoba, with a team led by partners Augusto Ruiloba and Alejandro Gordano, together with associate Catalina Beccar Varela.

Mitrani Caballero acted as local legal counsel to Deutsche Bank AG and the lenders, with a team led by partner Javier Errecondo, together with associate Sofía Bonel Tozzi.

White & Case LLP acted as legal counsel under New York Law to Deutsche Bank AG and the lenders, with a team led by partner Roberto Rafael, together with associates André Moretti de Gois, Michael Curran and Sabrina Silver.