Holland & Knight advised Argentina's Tierra del Fuego (Antártida e Islas del Atlántico Sur) Province on the issuance of $200 million of 8.950% secured amortizing notes due 2027. The offering closed on April 17.

The notes are secured by rights of the Province to collect hydrocarbon royalties. Net proceeds from the offering will be used to develop infrastructure projects.

The notes were offered in transactions exempt from registration in reliance upon Rule 144A and Regulation S under the United States Securities Act of 1933. The notes are listed on the Euro MTF Market of the Luxembourg Stock Exchange and on the Mercado de Valores de Buenos Aires S.A., and for trading on the Mercado Abierto Electrónico S.A.

UBS Securities LLC acted as joint lead manager and initial purchaser and Puente Hnos. S.A. acted joint lead manager and Argentine placement agent for the issuance. The Bank of New York Mellon acted as trustee, registrar, principal paying agent and transfer agent. The Bank of New York Mellon SA/NV, Luxembourg Branch acted as Luxembourg listing agent, paying agent and transfer agent.

Holland & Knight provided New York and U.S. securities law advice to the Province through a team led by Partner Stephen Double and Senior Counsel Carlos Meza. They were assisted by Associates Ashley Panaggio and Laura Montejo.