Córdoba Province Details Tender Offer Results for U.S. Dollar Notes Due 2027
The Province of Córdoba, located in Argentina, recently completed a cash tender offer for its U.S. Dollar Step-Up Notes due in 2027. The announcement, made on June 30, 2025, revealed that a substantial aggregate principal amount of approximately U.S.$360 million was validly tendered for purchase. This equated to roughly 69.82% of the outstanding notes, which have a total principal of U.S.$516 million. The offer, which is contingent upon financing through a New Notes Offering, clearly reflects the confidence that investors have in Córdoba's financial future.
The tender offer was issued to each registered holder or beneficial owner of the existing notes, as outlined in the official Offer Document dated June 23, 2025. A significant detail communicated was that the purchase price for the validly tendered notes amounted to U.S.$995 per U.S.$1,000 principal amount, alongside accrued interests. The settlement of the offer is anticipated to take place by July 2, 2025, provided all conditions are satisfied.
In the prior announcement, the Province specified that the successful completion of the tender offer is subject to simultaneous closure of the New Notes Offering, which aims to gather enough capital to fund the buyback. The New Notes are being marketed through a structured offering memorandum to qualified institutional buyers, reflecting the stringent regulations governing such transactions. It is critical to acknowledge that these securities are not registered under the Securities Act, prohibiting participation from U.S. persons or residents unless they fit into the exempt categories laid out by the law.
Moreover, looking ahead to July 1, 2025, the Province plans to update market participants on the outcome regarding valid tenders and possible acceptance or rejection of those offers. This announcement will also detail the aggregate purchase amount and any necessary proration of valid tenders —essential aspects that will influence the ultimate perceived success of the offer.
To facilitate this process, Morrow Sodali Limited has been appointed as the information and tender agent to handle inquiries regarding the offer. They are tasked with ensuring that all interested parties have access to the Offer Document and all associated information detailing the tender process. Their offices in London and Stamford are available for direct contact, reinforcing the transparency that accompanies such financial engagements. Meanwhile, dealer managers J.P. Morgan Securities LLC and Santander US Capital Markets LLC have also been enlisted to guide the transaction and ensure smooth execution.
In summary, the Province of Córdoba is taking significant steps towards improving its financial stability and relations with its note holders through this actionable cash tender offer. As the July 2 settlement date approaches, all eyes remain on the Province for further announcements regarding the next stages of its financial strategies, which are crucial for its economic health and future endeavors on the international financial stage.
The tender offer was issued to each registered holder or beneficial owner of the existing notes, as outlined in the official Offer Document dated June 23, 2025. A significant detail communicated was that the purchase price for the validly tendered notes amounted to U.S.$995 per U.S.$1,000 principal amount, alongside accrued interests. The settlement of the offer is anticipated to take place by July 2, 2025, provided all conditions are satisfied.
In the prior announcement, the Province specified that the successful completion of the tender offer is subject to simultaneous closure of the New Notes Offering, which aims to gather enough capital to fund the buyback. The New Notes are being marketed through a structured offering memorandum to qualified institutional buyers, reflecting the stringent regulations governing such transactions. It is critical to acknowledge that these securities are not registered under the Securities Act, prohibiting participation from U.S. persons or residents unless they fit into the exempt categories laid out by the law.
Moreover, looking ahead to July 1, 2025, the Province plans to update market participants on the outcome regarding valid tenders and possible acceptance or rejection of those offers. This announcement will also detail the aggregate purchase amount and any necessary proration of valid tenders —essential aspects that will influence the ultimate perceived success of the offer.
To facilitate this process, Morrow Sodali Limited has been appointed as the information and tender agent to handle inquiries regarding the offer. They are tasked with ensuring that all interested parties have access to the Offer Document and all associated information detailing the tender process. Their offices in London and Stamford are available for direct contact, reinforcing the transparency that accompanies such financial engagements. Meanwhile, dealer managers J.P. Morgan Securities LLC and Santander US Capital Markets LLC have also been enlisted to guide the transaction and ensure smooth execution.
In summary, the Province of Córdoba is taking significant steps towards improving its financial stability and relations with its note holders through this actionable cash tender offer. As the July 2 settlement date approaches, all eyes remain on the Province for further announcements regarding the next stages of its financial strategies, which are crucial for its economic health and future endeavors on the international financial stage.
Topics Financial Services & Investing）
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