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La Rioja gives results of consent bid to amend 9¾% notes due 2025
By Rebecca Melvin
Concord, N.H., Sept. 22 – The Argentinean Province of La Rioja announced the final results of its Aug. 31 consent solicitation from holders of its 9¾% notes due 2025 to amend the notes, according to a press release on Wednesday.
The consent solicitation statement was supplemented on Sept. 3.
As of the expiration at 5 p.m. ET on Sept. 21, the principal amount of notes for which consents were validly delivered was $295,815,000, or 98.61% of the outstanding principal amount.
All of the consents were accepted and sufficient to implement the proposed amendments to the notes.
Under the accepted changes, the province will issue $18,427,444 principal amount of notes and will pay $24,847,500 in cash as consent consideration to eligible holders.
The payment is expected to be made on Sept. 24, at which time the changes will take effect.
The aggregate principal amount of notes outstanding after the settlement will be $318,427,444.
As previously reported, by delivering a consent, holders agreed not to accelerate the notes for reasons that may have occurred prior to the settlement date.
The changes were agreed in principle in August with an ad hoc group of bondholders represented by VR Advisory Services Ltd. and Sandglass Capital Advisors LLC and with GoldenTree Asset Management LP to support a proposal to amend the notes.
The ad hoc group and GoldenTree collectively held around 63.7% of the notes, and the ad hoc group held about 52.2% of the notes.
BofA Securities Inc. is the solicitation agent of the consent bid, and D.F. King & Co. Inc. (212 269-5550, 866 751-6313) is the information and tabulation agent.
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