Argentine Province of Neuquen offers to exchange 7 7/8% notes due 2021

By Caroline Salls

Pittsburgh, May 9 – The Province of Neuquen, Argentina, is offering to exchange its outstanding 7 7/8% notes due 2021 for $235 million of new 8 5/8% guaranteed bonds maturing in 2028, according to a news release.

For each $1,000 of 2021 bonds exchanged, holders will receive $1,000 of new bonds, multiplied by an exchange ratio of 1.02, a depreciation factor of 0.61 and the amount of accrued cash interest.

The exchange offer expires at 5 p.m. ET on May 12, and the exchange is expected to take place on May 17.

The closing of the exchange offer is conditional on the closing of the issuance, which is expected to occur on May 12.

On the date of settlement of the exchange offer, the province will pay in cash any interest due on bonds maturing in 2021 accepted for exchange up to but excluding the tender settlement date.

Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the agents, and Banco de Galicia y Buenos Aires SA, Banco Macro SA and Puente Hnos SA are local agents.

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