Province of Salta reaches agreement with ad hoc group of bondholders

Chicago, Jan. 29 – The Argentinian province of Salta announced that it has reached an agreement with an ad hoc group of bondholders representing its 9 1/8% notes due 2024, according to a press release on Friday night.

The ad hoc group has been represented by VR Advisory Services Ltd. and holds approximately 40% of the notes.

The noteholders group has supported a proposal to amend the notes.

The formal launch of the consent solicitation process is expected to occur in the coming days.

If the consent solicitation is successful, the terms of the amended notes are expected to provide the province with significant debt service relief in the form of coupon reductions and maturity reprofiling.

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