Province of Entre Ríos Launches Cash Purchase Offer for Dollar Step Up Notes

In a significant move for its financial management, the Province of Entre Ríos officially announced the commencement of an Offer to Purchase for Cash involving its U.S. Dollar Step Up Notes set to mature in 2028. This decision was publicized on February 23, 2026, highlighting the province's ongoing strategies to manage its debt obligations efficiently.

Overview of the Offer

The Offer targets each registered holder or beneficial owner, collectively referred to as "Holders." Under this transaction, the province has set a maximum amount it is willing to pay for the tendered notes, not including any interest that may have accrued up until that point, which will be determined solely at the discretion of the province. The terms and conditions, including the specifics of the Offer, are detailed in the official Offer Document dated the same day as the announcement.

Conditions of the Offer

Notably, the Offer is not contingent upon receiving any minimum level of participation from the holders of the Existing Notes. However, it is subject to certain conditions, particularly the successful issuance of new global notes that will generate sufficient funds for this cash offer. This upcoming issuance, referred to as the "New Notes Offering," is essential for ensuring the cash flow needed to complete the purchase and will proceed by means of a separate offering memorandum.

Payment Details

For each $1,000 original principal amount of accepted Existing Notes, Holders will be compensated at a fixed purchase price, as delineated in the accompanying table of the Offer Document. Additionally, any Holder whose notes are accepted will receive accrued interest calculated from the last interest payment date up to—but not including—the Settlement Date, which is scheduled for March 4, 2026.

However, if the total Purchase Price requested by the collective Tenders exceeds the Maximum Purchase Price, the province retains the discretion to apply a proration factor across the Tenders, meaning not all Tenders may be fulfilled as initially anticipated.

Important Dates and Procedures

The Offer officially commenced at 9 AM, New York time, on February 23, 2026, and will conclude at 5 PM, New York City time, on February 27, 2026. Holders must note that the deadline for withdrawal of any Tenders aligns with the expiration of the Offer. Those who wish to participate and submit Tenders must do so through a direct participant in The Depository Trust Company (DTC).

Also, the province plans to disclose the aggregate amount of Tenders received on March 2, 2026, alongside other key figures like the Aggregate Purchase Amount and any applicable proration of the Tenders.

It is critical for participants to liaise closely with their brokers or entities managing their existing notes to ensure compliance with all deadlines as specified in the Offer Document. The province maintains the right to modify the terms at its discretion, reinforcing the fluid nature of the current financial landscape.

Contact and Further Information

Global Bondholder Services Corporation has been designated as the Information and Tender Agent for this offering and can provide Holders with additional information. For those who wish to conduct business relating to the Offer, contact details are provided in the official documentation.

As the province navigates these financial maneuvers, the forthcoming participation levels from Holders will be pivotal in determining the success of this cash purchase initiative, reflecting Entre Ríos' broader economic strategies and financial health ahead of its 2028 bond maturity.