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Argentina's Neuquen begins consent solicitation for 8.656% notes
By Angela McDaniels
Tacoma, Wash., April 4 - The Province of Neuquen began a consent solicitation for its 8.656% secured amortizing series 1 notes due 2014 issued under the $250 million Securities Provincial Development Program.
The province is seeking to eliminate or amend some provisions of the note indenture to allow it to incur additional secured and unsecured debt, including in the form of new debt securities.
Consents are needed from the holders of more than 50% of the outstanding principal amount of the notes in order to make the changes.
According to a news release from the province, $250 million original principal amount of notes is outstanding, and the remaining principal amount due on the notes is $139 million.
The consent solicitation will expire at 5 p.m. ET on April 14.
The province is offering a consent payment of $7 multiplied by the scaling factor for each $1,000 nominal principal amount of notes.
The scaling factor is determined in accordance with market convention to convert from the nominal principal amount of the notes to the remaining principal amount due after each principal repayment date. It will be calculated as of the expiration date to reflect the province's repayment of principal amounts under the notes according to their amortization schedule. It is expected to be 0.556.
The solicitation agents are Barclays Capital Inc. (800 438-3242 or 212 528-7581), Citigroup Global Markets Inc. (800 558-3745 or 212 723-6108), Banco Macro SA (54 11 5222 6744) and Puente Hnos. Sociedad de Bolsa SA (54 11 4329 0000). The information agent is Bondholders Communications Group (212 809-2663 or 44 20 7382 4580).
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