Buenos Aires receives consents to exchange 97.66% of all bond series

Chicago, Aug. 30 – The Province of Buenos Aires announced that it obtained consents to substitute 97.66% of the principal amount of bonds outstanding under the 2006 indenture and the 2015 indenture, according to a press release on Monday.

As of 11 a.m. ET on Aug. 27, holders of 93.23% of the total principal amount of notes had validly accepted the province’s invitation to exchange their existing notes for new notes and had given their consent to the actions proposed in the invitation, including authorizing the trustee to modify certain eligible bonds by substituting them for the relevant amounts of new 2037 C bonds, in either dollars or euros, as applicable.

Eligible series

As previously reported, the following bonds were part of the offers:

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

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

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

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

• $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).

The province ended up excluding from the 2037 C part of the exchange the:

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

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

For the excluded series, the bonds will be amended pursuant to the non-reserve matter proposed modifications.

New 2037 A and B bonds

The province received tenders for and accepted them for new 2037 A bonds denominated in dollars or euros as indicated, detailed as followed:

• For the 2020 dollar bonds, $9,125,329 dollar bonds and no euro bonds;

• For the 2021 10 7/8% bonds, $136,371,268.80 of dollar bonds and $100,020 of euro bonds;

• For the 2028 bonds, $374,325,000 of dollar bonds and $100,000 of euro bonds;

• For the 2020 euro bonds: €29,940,588.17 of dollar bonds and €19,207,118 of euro bonds;

• For the 9.95% 2021 bonds, $869,033,286 of dollar bonds and $500,000 of euro bonds;

• For the 2023 bonds, $733,464,000 of dollar bonds and $643,000 of euro bonds;

• For the 2024 bonds, $1,226,829,000 of dollar bonds and $200,000 of euro bonds;

• For the 2027 bonds, $1,722,213,000 of dollar bonds and no euro bonds;

• For the 2023 euro bonds, €295,904,000 of dollar bonds and €182,492,000 of euro bonds.

The province also received tenders for and accepted them for new B bonds and a pro rata share of remaining A bonds, denominated in either dollars or euros, detailed as below:

• For the 2035 bonds, $458,864,666 of dollar bonds and $57,000 of euro bonds; and

• For the 2035 euro bonds, €333,725,746 of dollar bonds and €127,289,733 of euro bonds.

2006 bonds substitution

For each series of 2006 indenture eligible bonds, the substitution proposed modifications obtained valid consents from holders of not less than 85% of the total outstanding principal amount of the affected series and not less than 66 2/3% of the outstanding principal amount of each series (taken individually).

Specifically, the province received consents as follows:

• For the medium-term notes due 2020 with $10,616,350.67 outstanding, the province received consents for modifications from noteholders representing $9,125,103.67, or 85.95%, of the notes;

• For the dollar bonds due 2028 with $400 million outstanding, the province received consents for modifications from noteholders representing $374,425,000, or 93.61%, of the notes;

• For the dollar bonds due 2035 with $480,445,406 outstanding, the province received consents for modifications from noteholders representing $451,011,559, or 93.87%, of the notes; and

• For the euro bonds due 2035 with €577,388,900 outstanding, the province received consents for modifications from noteholders representing €460,231,467, or 79.71%, of the notes.

In total, the province received consents for $1,375,692,135.33 of the $1,569,943,473.31 outstanding, or 87.63% of the notes.

Calculations for the euro notes were determined at 9 a.m. ET on Aug. 27 at $1 per €0.8505. The outstanding principal amount of the euro bonds in dollars was tallied as $678,881,716.64 for the total dollar amount.

2015 bonds substitution

For each series of 2015 indenture eligible bonds, the substitution proposed modifications obtained valid consents from holders of more than 66 2/3% of the total outstanding principal amount of the affected series and more than 50% of the outstanding principal amount of each series (taken individually).

Specifically, the province received consents from noteholders of the following amounts:

• For the 9.95% 2021 bonds with $898,380,908 outstanding, the province received consents for modifications from noteholders representing $868,438,286, or 96.67%, of the notes;

• For the 2023 bonds with $746,875,000 outstanding, the province received consents for modifications from noteholders representing $730,982,000, or 97.87%, of the notes;

• For the 2024 bonds with $1,243,557,000 outstanding, the province received consents for modifications from noteholders representing $1,220,586,000, or 98.15%, of the notes;

• For the 2027 bonds with $1,749,400,000 outstanding, the province received consents for modifications from noteholders representing $1,721,613,000, or 98.41%, of the notes; and

• For the 2023 euro bonds with €500 million outstanding, the province received consents for modifications from noteholders representing €478,396,000, or 95.68%, of the notes.

In total, the province received consents for $6,479,799,369.60 of the $6,796,045,858.09 outstanding, or 95.35% of the notes.

The same dollar-to-euro calculation was used for the total number, from above, for the total amount figure.

2006 non-reserve matter

For each series of 2006 indenture bonds, the non-reserve matter proposed modifications obtained valid consents from holders of not less than a majority of the total outstanding principal amount of notes, detailed below:

• For the 10 7/8% 2021 bonds, the province received consents for $133,837,428.80, or 54.09%, of the $247,416,140 principal amount outstanding; and

• For the 2020 euro bonds, the province received consents for €49,147,706.16, or 51.53%, of the €95,376,888.15 amount outstanding.

Other details

Settlement is planned for Sept. 3, or as early as practicable after that, but not later than Sept. 17.

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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