#Argentina #Tender Offer #Córdoba #U.S. Dollar Notes

Cash Purchase Offer by the Province of Córdoba

The Province of Córdoba has officially commenced a cash purchase offer for its outstanding U.S. Dollar Step-Up Notes maturing in 2027, signaling a strategic move to optimize its debt management. This announcement was made on January 23, 2026, highlighting the province's proactive approach towards its financial obligations.

The offer, referred to as the "Offer," allows registered holders or beneficial owners of the notes to tender their existing notes for cash. The maximum amount payable for the existing notes that are validly tendered will be determined solely by the province. The offer is notably not contingent on a minimum participation level from the current noteholders, although it will proceed alongside the issuance of new global notes to finance the cash purchase.

Key Components of the Cash Offer

The details of the Offer are carefully outlined in the offer document released on the same date. It stipulates that the purchase price per $1,000 principal amount of existing notes will be a fixed amount as specified. Holders whose notes are accepted will also receive accrued interest up to the settlement date, which is expected to occur on February 3, 2026. This payment includes any unpaid interest from the last interest payment date preceding the settlement.

The province has set the expiration time for the offer as January 29, 2026, at 5:00 PM New York City time, with withdrawal rights extending until the same deadline. Noteholders have the flexibility to withdraw their tenders at any point before this deadline.

In managing this transaction, the province is collaborating with well-known financial entities such as J.P. Morgan Securities LLC and Santander US Capital Markets LLC, serving as dealer managers for the offer. Investors are advised to consult with their brokers or the respective dealers for participation specifics and deadlines set by their intermediaries.

Implications for Investors

For investors, this move presents an opportunity to liquidate their holdings in the existing notes, albeit with adherence to the minimum denomination rules laid out in the offer. Specifically, notes can only be tendered in amounts of $150,000 or more, along with increments of $1 thereafter.

Upon acceptance of the tender, the province retains the ability to apply a proration factor should the aggregate purchase price for received tenders exceed the allotted amount. If the offer is canceled for any reason, all tendered notes will be returned to their respective holders.

The strategic timing of the offer, paired with the concurrent issuance of new notes, is indicative of Córdoba Province's ongoing efforts to optimally restructure its debt portfolio, navigate market conditions, and ensure financial stability moving forward. Both prospective and existing bondholders should remain informed and consider their options carefully as developments unfold in the coming weeks leading up to the settlement date.

For those interested in further details regarding the terms and conditions, the province encourages a thorough review of the offer document available through its information and tender agent, Sodali Co.

This proactive financial strategy by the Province of Córdoba highlights its commitment to maintaining healthy fiscal management while also providing opportunities for current noteholders to capitalize on their investments in a potentially favorable market environment.