Buenos Aires begins tender offer for up to $390 million 9.95% notes

By Angela McDaniels

Tacoma, Wash., May 13 – Buenos Aires began a tender offer for up to $390 million principal amount of its 9.95% series 10 notes due 2017, according to a news release.

The tender offer will end at 5 p.m. ET on May 23. The settlement date is scheduled for June 1.

The purchase price is $1,055 for each $1,000 principal amount of notes. The city will also pay accrued interest up to but excluding the settlement date.

Holders must tender at least $200,000 principal amount of notes in order to participate.

If the amount of notes tendered exceeds the cap, then the city will accept notes for purchase on a prorated basis.

The city is offering new series 12 notes under its $2.29 billion medium-term note program and will use a portion of the proceeds to fund the tender offer.

The offer is not conditioned on any minimum participation by the noteholders, but it is subject to the closing of the series 12 notes offering and other conditions.

The dealer managers are BofA Merrill Lynch (646 855-8988 or 888 292-0070), Deutsche Bank Securities Inc. (212 250-7527 or 855 287-1922) and HSBC Securities (USA) Inc. (212 525-5552 or 888 HSBC-4LM).

The tender and information agent is D.F. King & Co., Inc. (44 20 7920 9700, 212 269-5550, 852 3953-7230, cityofBA@dfkingltd.com or http://sites.dfkingltd.com/cityofBA).

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