Kutak Rock is pleased to have served as counsel to the Noteholder Representative in connection with the landmark $1 billion debt conversion transaction supporting the Republic of Ecuador, a deal recognized by The Digital Banker with multiple honors at the 2025 Global Sustainable Finance Awards gala, including:

• Best Sustainable Finance Product of the year – Overall
• Best Sustainable Bond
• Outstanding Sustainable Finance – Liquidity Management

The transaction refinanced approximately $1.53 billion of Ecuador’s international bonds and is expected to generate $800 million in net fiscal savings by 2035. In addition to delivering substantial financial benefits for Ecuador, the structure supports the Amazon Biocorridor Program, aimed at conserving terrestrial and freshwater ecosystems in the Ecuadorian Amazon.

Kutak Rock’s role included advising the Noteholder Representative on various aspects of the transaction, contributing to its innovative and sustainable financing framework. Attorneys John Petr, Jeremy Johnson, Seth Kirshenberg and others from Kutak Rock assisted with this deal.