A&O Shearman advises TNC on debt conversion to support Ecuador’s Amazon Biocorridor Program, the largest ever debt conversion for conservation

The transaction resulted in the conversion of USD1.53 billion of Ecuador’s international bonds that is expected to result in approximately USD460 million to support the Amazon Biocorridor Program over 17 years. The conversion will generate over 800 million in net fiscal savings for Ecuador by 2035 while funding the conservation of terrestrial and freshwater ecosystems in the Ecuadorian Amazon. It was announced on December 17, 2024, in a press release.

“We are absolutely thrilled to assist The Nature Conversancy in this landmark and enormously important project,” said Cynthia Urda Kassis, partner in the firm’s Energy, Natural Resources & Infrastructure practice. “A&O Shearman remains dedicated to continuing to assist organizations like The Nature Conversancy with their sustainability efforts.”

A&O Shearman has advised TNC on five Nature Bonds projects, including in Ecuador (December 2024), The Bahamas (November 2024), Gabon (2023), Barbados (2022) and Belize (2021). Combined with an earlier project in Seychelles, these projects will support the conservation of nearly 242 million hectares of ocean, land and fresh water.

The A&O team that advised The Nature Conservancy was led by ENRI partner Cynthia Urda Kassis and Capital Markets of counsel Antonia Stolper, and included International Arbitration partner Christopher Ryan, Litigation and Investigations partner Paula Anderson, ENRI counsel Carter Clements, Tax associate Andrew Meiser, and Law Clerks Sarah Ludwick and Nathan Bodger.