Argentina province of Entre Rios reaches agreement, will launch consent solicitation

Chicago, Feb. 11 – Argentina’s province of Entre Rios has reached an agreement with an ad hoc group of bondholders regarding certain proposed amendments to the terms of the 8¾% notes due 2025, according to a press release.

The ad hoc group has aggregate holdings of 58% of the $500 million outstanding of the notes.

The province and the group have agreed that the province will launch a consent solicitation for the notes to amend the indenture of the notes and the bondholders’ group members will support the proposal.

If the consent solicitation is successful, the province will be provided with significant debt service relief in the form of coupon reductions and maturity reprofiling.

Should the solicitation be successful, the province is expected to withdraw, or cause to be withdrawn, the claim filed by certain entities under the management of group members on Jan. 4 in the United States Court for the Southern District of New York seeking a judgment against the province.

HSBC Securities (USA) Inc. will be the solicitation agent.

D.F. King will be the information and tabulation agent for the consent solicitation.

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