he Province of Buenos Aires - Continued Engagement with Bondholders
May 18, 2021, 18:39 ET
LA PLATA, BUENOS AIRES, Argentina, May 18, 2021 /PRNewswire/ -- Since the announcement of its invitation to holders of certain eligible bonds (the "Eligible Bonds") as set forth in the invitation memorandum dated April 24, 2020 (as amended and supplemented from time to time, the "Invitation Memorandum") to submit orders to exchange their Eligible Bonds for new bonds (the "New Bonds"), the Province of Buenos Aires (the "Province") has maintained informal discussions with various institutional holders and certain of their advisors.
Between April 29 and May 4, 2021, several of the Province's largest bondholders (including members of the Ad Hoc Bondholder Group) entered into non-disclosure agreements with the Province, which have been extended from time to time (the "NDAs"). Under such NDAs, on April 30, 2021, the Province delivered a first total debt service cash flow summary proposal. After an initial exchange with the bondholders, who delivered their own total debt service cash flow summary proposal on May 7, 2021 (see Annex A), the Province followed up with a new total debt service cash flow summary proposal dated May 11, 2021 (see Annex B). The information attached hereto as Annexes A and B does not constitute an amendment to the Invitation Memorandum or the terms of the invitation set forth therein. The Invitation is currently scheduled to expire on May 21, 2021.
The Province and all of the bondholders that entered into NDAs, except for one, have agreed to extend NDAs with a view to continuing discussions on potential reasonable parameters around which the Province and its investors could eventually agree on the terms of a successful debt restructuring. The NDA of the bondholder that decided not to continue discussions with the Province has expired in accordance with its terms
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