Buenos Aires kicks out exchange offer to refreshed July 23 deadline

Chicago, July 6 – The Province of Buenos Aires has once more extended the deadline for its exchange offer, now scheduled for 11 a.m. ET on July 23, according to a Monday press release.

The offer was most recently set to expire at 11 a.m. ET on July 2.

Results would be announced July 26.

Settlement for the exchange offer would now be July 30.

Some of the bondholders have agreed to enter into non-disclosure agreements with the province, including members of its ad-hoc committee.

The offer started on April 24, 2020 and has been extended multiple times.

Eligible bonds

As previously disclosed, the last formal notice was for holders of the following outstanding 2006 indenture bonds to participate in the offer:

• $10,616,350.67 of 4% medium-term notes due 2020 (ISIN: XS0234086196, XS0234086436);

• $247,416,140 of 10 7/8% bonds due 2021 (ISIN: XS0584493349, XS0584497175);

• $400 million of 9 5/8% bonds due 2028 (ISIN: XS0290125391, XS0290124154);

• $480,445,406 of 4% bonds due 2035 (ISIN: XS0234084738, XS0234085032);

• €95,376,888.15 of 4% medium-term notes due 2020 (ISIN: XS0234085461, XS0234085891); and

• €577,388,900 of 4% bonds due 2035 (ISIN: XS0234082872, XS0234084142).

Holders of the following outstanding 2015 indenture bonds are eligible to participate in the offer:

• $898,380,908 of 9.95% bonds due 2021 (ISIN: XS1244682487, XS1244682057);

• $746,875,000 of 6½% bonds due 2023 (ISIN: XS1566193295, XS1566193378);

• $1,243,557,000 of 9 1/8% bonds due 2024 (ISIN: XS1380274735, XS1380327368);

• $1,749,400,000 of 7 7/8% bonds due 2027 (ISIN: XS1433314314, XS1433314587); and

• €500 million of 5 3/8% bonds due 2023 (ISIN: XS1649634034, XS1649634380).

New bonds

Buenos Aires is offering to issue the following bonds in exchange for its existing bonds, terms that were expected to be negotiated based on a previous update:

• Dollar amortizing step-up bonds due 2032, up to a maximum amount of $2.34 billion;

• Euro-denominated amortizing step-up bonds due 2032, up to a maximum of €540 million;

• Dollar amortizing step-up bonds due 2040;

• Euro-denominated amortizing step-up bonds due 2040;

• Dollar-denominated interest-only securities; and

• Euro-denominated interest-only securities.

Managers, agents

BofA Securities, Inc. (888 292-0070 or 646 855-8988) and Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) are dealer managers for the offer.

D.F. King & Co. (PBA@dfkingltd.com; +44 20 7920 9700 or 212 232-3233; or https://sites.dfkingltd.com/PBA) is the exchange, tabulation and information agent.

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