| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Entre Rios > News item |
Argentina’s Entre Rios gets consent to amend 8¾% notes due 2025
By Taylor Fox
New York, March 9 – Argentina’s province of Entre Rios received requisite consents to amend its $500 million outstanding 8¾% notes due 2025 (ISIN: US29384NAA28, USP37341AA50), according to a news release.
As of the 5 p.m. ET March 8 expiration time, consents were received in the amount of $485,755,000, or 97.15%, of the amount outstanding.
The province accepted all consents and will issue $17,001,425 of additional notes and pay $24,502,137.50 in cash as a consent consideration.
The amount of notes outstanding after the settlement date of March 15 will be $516,001,425.
As previously reported, the province reached an agreement with an ad hoc group of bondholders representing 58% of the notes outstanding regarding the proposed amendments. The group supported the province’s proposal to amend the notes by submitting their consents to the proposed amendments.
The group was expected to withdraw the claim filed by some entities under the management of group members on Jan. 4 in the U.S. District Court for the Southern District of New York seeking a judgment against the province.
The ad hoc group comprises major institutional holders of the province’s external debt, including funds managed or advised by GML Capital LLP, GoldenTree Asset Management LP, Redwood Capital Management, LLC and VR Advisory Services Ltd.
The members of the ad hoc group are advised by White & Case LLP in the restructuring discussions with the province and by Quinn Emanuel Urquhart and Sullivan, LLP in connection with the legal claim in the New York court.
HSBC Securities (USA) Inc. is the solicitation agent.
D.F. King is the information and tabulation agent for the consent solicitation.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.