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Prospect News home > News index > List of issuers B > Headlines for Buenos Aires > News item |
Buenos Aires offers 9.95% notes due 2021 in exchange for 11¾% notes
By Susanna Moon
Chicago, June 3 – The province of Buenos Aires said it began an exchange offer for up to $500 million of its outstanding 11¾% notes due 2015.
In exchange, Buenos Aires is offering to issue new 9.95% notes due 2021.
The exchange value will be $1,064 for each $1,000 principal amount, assuming a settlement date of June 11.
The new bonds will have a principal amount equal to that of holders’ bonds accepted for exchange multiplied by a fraction equal to (i) $1,030 plus accrued interest through the settlement date divided by (ii) $987.64 plus accrued interest through the settlement date, according to an exchange offer notice.
The exchange offer will end on June 8.
Buenos Aires said it also priced $500 million of the new bonds on June 3, with settlement set for June 9. Any bonds issued in the concurrent offer will constitute a single series with and trade fungibly with the new bonds issued in the exchange offer.
The exchange offer is conditioned on the closing of the concurrent offer.
BNP Paribas Securities Corp. and BofA Merrill Lynch are the dealer managers. Global Bondholder Services Corp. (212 430-3774) is the exchange agent and the information agent. Societe General Bank & Trust is the Luxembourg listing agent.
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