THE CITY OF CÓRDOBA, Argentina, Nov. 11, 2020 /PRNewswire/ — The City of Córdoba, Argentina (the “City“) announced today the expiration and results of its consent solicitation to Holders of the City’s 7.875% Notes due 2024 (the “Securities“) launched on October 28, 2020 (the “Consent Solicitation“). The terms and conditions of the Consent Solicitation are described in the consent solicitation statement dated October 28, 2020 (the “Consent Solicitation Statement“). Capitalized terms used herein but not defined herein shall have the meanings ascribed thereto in the Consent Solicitation Statement.
As of 5:00 p.m. Central European Time, on November 10, 2020 (the “Expiration Time“), the aggregate principal amount and percentage of the Securities for which the City has received and accepted consents to the Proposed Amendments and related waivers is set forth below, which amounts are subject to de minimis adjustments:
|
Securities |
ISIN / Common Code |
Principal Amount |
Consents Delivered and |
Consents Delivered and |
|
7.875% Notes due 2024 |
XS1496112407 / 149611240 |
U.S.$150,000,000 |
U.S.$125,684,000 |
83.79% |
The Indenture governing the Securities permit certain modifications to the Indenture and the terms and conditions of the Securities with the consent of Holders of more than 75% of the outstanding principal amount of the Securities. Therefore, as of the Expiration Time, the City had received the Requisite Consents under the Indenture to effect the Proposed Amendments and related waivers. Following the receipt and acceptance of the Requisite Consents and no later than November 17, 2020, the City will be executing a supplemental indenture to the Indenture in order to effect the Proposed Amendments and related waivers described in the Consent Solicitation Statement. The City expects that the Securities will be amended and the Proposed Amendments and related waivers will become effective upon payment of the Consent Consideration on the Effective Date, which the City expects to be on November 18, 2020 and no later than November 20, 2020.
Pursuant to the Consent Solicitation, on the Effective Date, the City will pay the Consent Consideration to Holders of the Securities who validly delivered and did not revoke their consent to the Proposed Amendments and related waivers prior to the Expiration Time and which consents have been accepted by the City. The Consent Consideration consists of a cash payment to consenting Holders of 31% of the interest accrued and unpaid under the Securities (prior to giving effect to the Proposed Amendments) from March 29, 2020, to and excluding September 29, 2020, on a pro rata basis in accordance with their respective holdings of Securities as to which consents have been validly delivered and accepted. The Consent Consideration will not be subject to rounding as it is paid in cash. The aggregate amount of the Consent Consideration is expected to be approximately U.S.$1,534,130.46.
***
The City engaged Santander Investment Securities Inc. to act as solicitation agent (the “Solicitation Agent“) for the Consent Solicitation. Global Bondholder Services Corporation is acting as the information and tabulation agent (the “Information and Tabulation Agent“). Any questions or requests for assistance regarding the Consent Solicitation may be directed to the Solicitation Agent or the Information and Tabulation Agent at the contact information set forth below.
Holders, or custodians for such holders, of Securities may obtain a copy of the Consent Solicitation Statement by contacting the Information and Tabulation Agent at the contact information set forth below.
This announcement is for informational purposes only and is not an invitation or a solicitation of consents of any holders of Securities.
The Consent Solicitation Statement is available from the Information and Tabulation Agent.
The Information and Tabulation Agent for the Consent Solicitation is:
Global Bondholder Services Corporation
65 Broadway – Suite 404
New York, New York 10006
Attn: Corporate Actions
Banks and Brokers call: (212) 430-3774
Toll free (866)-470-3800
By facsimile:
(For Eligible Institutions only):
(212) 430-3775/3779
Confirmation:
(212) 430-3774
Email: contact@gbsc-usa.com
Any questions regarding the terms of the Consent Solicitation should be directed to the Solicitation Agent or the Information and Tabulation Agent at their respective addresses and telephone numbers set forth on this communication. Requests for additional copies of the Consent Solicitation Statement, the eligibility letter or any other related documents may also be directed to the Information and Tabulation Agent.
The Solicitation Agent for the Consent Solicitation is:
Santander Investment Securities Inc.
45 East 53rd Street
New York, NY 10022
United States
Attention: Debt Capital Markets Americas
*********
The City of Córdoba
Secretaría de Economía y Finanzas
Calle Marcelo T. de Alvear 120 2º Piso,
X5000KGQ — Ciudad de Córdoba, Córdoba, Argentina
Attention: Diego Miguel Bono (Dirección General de Finanzas)
Tel/Fax: +54 351 4 285-600 ext. 1206.
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