#Argentina #Entre Ríos #Step Up Notes #U.S. Dollar

Entre Ríos Province Announces Tender Results for Step Up Notes

On March 2, 2026, the Province of Entre Ríos disclosed pertinent details regarding its U.S. Dollar Step Up Notes due in 2028. This announcement included the aggregate principal amounts of the notes that have been validly tendered and accepted for purchase as part of a previously stated cash offer.

Tender Offer Overview

The tender offer was designed for registered holders and beneficial owners of existing notes, prompting them to submit responses pursuant to the terms outlined in the offer document dated February 23, 2026. Holders of the notes were able to participate under specific conditions.

The announced purchase price to be paid for each accepted tendered amount is reported to be $1,000 per original principal amount of the notes. Additionally, tendering holders are entitled to the accrued and unpaid interest, calculated from the last interest payment date up until the upcoming settlement date.

Aggregated Amounts Overview

The table listed in the announcement revealed that a total of $179,900,689.95 of the existing notes had been validly tendered and accepted. This amount indicates that the current outstanding aggregate principal for these notes stands at roughly $232,874,896.50, reflecting previous partial amortization, meaning the total has been calculated using an amortization factor. This calculation is crucial for understanding the financial positioning of the province regarding its debt obligations.

The full details of the tender offer, including essential dates and additional terms, are specified in the documentation that can be accessed through Global Bondholder Services Corporation, serving as the information and tender agent.

Conditions and Additional Offers

Notably, the tender offer is contingent upon the completion of a concurrent offering of new notes reported to yield 9.550% due in 2033. This new offering aims to finance the cash flow needs associated with the tender offer effectively.

The plan is structured so that settlement of the validly tendered notes is scheduled for March 4, 2026, although this date is subject to change. Holders whose notes have been accepted will receive the specified purchase price alongside the accrued interest if all conditions set within the offer are satisfied.

Important Contacts

For further inquiries, investors are encouraged to reach out to the dealer managers overseeing the offering. Some of these include BBVA Securities Inc., BofA Securities, and Santander US Capital Markets LLC. Each firm is positioned to assist in any clarifications regarding the offer's terms and additional processes involved.

This announcement encapsulates a significant step in managing the province's financial commitments, signaling their active approach to maintain favorable conditions within their fiscal structures. As the province navigates through its obligations and seeks to optimize interest rates on existing notes, stakeholders will be closely monitoring future developments leading up to the final transaction dates.

Conclusion

The announcement serves as a crucial update for investors and market participants, giving a clearer picture of the Province of Entre Ríos's fiscal management and bond solicitation processes. Transparency in the tendering process not only reinforces the province's commitment to its debt holders but also reflects a robust framework aimed at ensuring financial stability for the future.