The Province of Buenos Aires Announces Launch of Consent Solicitation for its 10.875% Notes Due 2021
La Plata, Buenos Aires, Argentina: The Province of Buenos Aires (the “Province”) today announced it is soliciting consents (the “Consent Solicitation”) of holders of its outstanding 10.875% Notes Due 2021 (Common Code 058449717 and 058449334; ISIN Nos.
XS0584497175 and
XS0584493349) (the “Existing Bonds”) to approve certain amendments (the “Proposed Amendments”) to the Terms and Conditions of the Existing Bonds. The overall purpose of the Proposed Amendments is to temporarily relieve the Province from certain of its short-term financial obligations by deferring the next principal payment date, originally due on January 26, 2020, to May 1, 2020.
The Proposed Amendments will only become effective if the holders of not less than 75% in aggregate principal amount of the Existing Bonds consent to the Proposed Amendments. If this 75% threshold is reached, however, the Proposed Amendments will apply to the entirety of the Existing Bonds (even Existing Bonds held by holders who elected not to consent the Amendment). The expiration time for the Consent Solicitation is
January 22, 2020, at 5:00 p.m., Central European Time (the “Expiration Time”). Holders or custodians for such holders may obtain a copy of the Consent Solicitation document by contacting Morrow Sidali Limited at its email address (
[email protected]) or telephone number (+44 207 355 0628 / +44 207 355 0615) or by download, following registration, via: Morrow Sodali Bond Offers. A holder desiring to participate in the Consent Solicitation must do so prior to the Expiration Time. Holders should note that the deadlines set by Euroclear or Clearstream for the submission or withdrawal (if applicable) of an electronic instruction will be earlier than the relevant deadlines specified in this Consent Solicitation Statement.
This press release is not a solicitation of consents with respect to the Existing Bonds and does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The Consent Solicitation is being made solely by the Consent Solicitation documentation, dated January 14, 2020, which sets forth the complete terms of the Consent Solicitation. For a complete statement of the terms and conditions of the Consent Solicitation and the Proposed Amendments, holders of the Existing Bonds should refer to the Consent Solicitation documentation