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Prospect News home > News index > List of issuers T > Headlines for Telecom Argentina SA > News item
Published on 7/7/2020 in the Prospect News Distressed Debt Daily, Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Telecom Argentina begins exchange offer for 6½% notes due 2021

Chicago, July 7 – Telecom Argentina SA began an any-and-all exchange offer for its 6½% notes (ISINs: US12686NAT28, USP19157AR03) due June 15, 2021, according to a press release on Tuesday.

There are currently $465,853,000 of the old notes outstanding.

The old notes will be exchangeable for new 8½% senior amortizing notes due 2025 and a cash consideration.

The company is also seeking consents to amend an indenture governing the old notes.

Consideration for the tender offer would be $700 of new notes for each $1,000 principal amount of old notes tendered.

Tendering noteholders would also receive $320 in cash if they tender by the early deadline or $250 in cash if they tender by the later deadline.

The early deadline and withdrawal deadline are 5 p.m. ET on July 20.

The exchange offer and consent solicitation will expire at 11:59 p.m. ET on Aug. 3.

Tendering noteholders must deliver proxy documents relating to the consent solicitation and noteholders who wish to deliver proxy documents relating to the consent solicitation must tender their old notes.

The exchange is conditioned upon the sale of at least $250 million of new notes to be issued in the offer.

Global Bondholder Services Corp. (212 430-3774, 866 470-3800, contact@gbsc-usa.com or https://gbsc-usa.com/eligibility/telecom) is the information agent and exchange agent.

Citigroup Global Markets Inc., Santander Investment Securities Inc., HSBC Securities (USA) Inc., Itau BBA USA Securities, Inc. and J.P. Morgan Securities LLC are working as dealer managers.

Telecom Argentina is a telecommunications company based in Buenos Aires.


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