Davis Polk is advising TGLT S.A. in connection with a series of recapitalization transactions pursuant to an restructuring support agreement (the “RSA”) entered into between TGLT and an ad-hoc group of holders of its convertible subordinated notes due 2027 (the “Notes”), including with respect to its offer to exchange its Notes and entitlements to deferred interest in respect to the Notes (the “Deferred Interest Entitlements”) for its Class B convertible preferred stock (the “Class B Preferred Stock”) or American depositary shares representing such Class B Preferred Stock (the “Class B Preferred ADSs”) and its offer to exchange American depositary shares representing shares of its common stock (the “Common ADSs”) for Class B Preferred ADSs.

Approximately $128 million aggregate principal amount of Notes and approximately $11 million of Deferred Interest Entitlements were accepted for exchange in the exchange offer for the Notes and Deferred Interest Entitlements. Approximately 540,000 Common ADSs were accepted for exchange in the exchange offer for Common ADSs. Pursuant to the offerings, approximately 112 million Class B Preferred ADSs and approximately 28 million shares of Class B Preferred Stock were issued pursuant to the offers.

TGLT is a real estate developer in Argentina and Uruguay that participates in and controls all aspects of the development process, from land acquisition to construction management, from product design to sales and marketing.

The Davis Polk capital markets team included partner Nicholas A. Kronfeld and associates Heita Miki, Ernesto Talamás Velázquez and Claudia Carvajal Lopez. Partner Lucy W. Farr provided tax advice. All members of the Davis Polk team are based in the New York office.

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