Argentina’s Cordoba accepts $200 million 12 3/8% notes in tender offer

By Angela McDaniels

Tacoma, Wash., June 3 – The Province of Cordoba received tenders for $328,872,000 principal amount of its $596 million outstanding 12 3/8% senior notes due 2017 and accepted $200 million principal amount of notes for purchase, according to a news release.

The proration factor is 58%.

The province offered to purchase up to $200 million principal amount of the notes at $1,082.50 per $1,000 principal amount of notes plus accrued interest up to but excluding the payment date, which is expected to be June 10.

The tender offer began May 25 and remains subject to the satisfaction of conditions that include an offering of new senior notes.

The province set initial talk in the mid-7% area for a dollar-denominated offering of benchmark-sized notes due in five years (expected ratings: B3/B-), a market source said.

The proceeds will be used to fund the tender offer and to finance infrastructure projects.

The dealer managers are J.P. Morgan Securities LLC (212 834-7279 or 866 846-2874) and Morgan Stanley & Co. LLC (212 761-1057 or 800 624-1808). The information agent is D.F. King & Co., Inc. (212 269-5550, 877 361-7963, cordoba@dfking.com or dfking.com/cordoba).

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