CORDOBA, Argentina, June 3, 2016 /PRNewswire/ -- The Province of Córdoba (the "Province") today announced the final results of its tender offer to purchase for cash (the "Tender Offer") up to US$200,000,000 aggregate principal amount of its 12.375% Senior Notes due 2017 (the "Eligible Notes"), which commenced on May 25, 2016 and expired at 5:00 p.m. (New York City time) on June 2, 2016 (the "Expiration Time").
As of the Expiration Time, holders representing approximately US$328,872,000 of the aggregate principal outstanding amount of Eligible Notes had tendered their notes under the Tender Offer. In accordance with the Maximum Repurchase Amount, the aggregate principal amount of Eligible Notes validly tendered and accepted for purchase by the Province is US$199,995,000, resulting in a proration factor of approximately 58%. Upon the terms and subject to the conditions of the Tender Offer, the settlement of the Tender Offer is expected to take place on or about June 10, 2016, or as soon as practicable thereafter. Holders whose Eligible Notes are accepted for purchase in the Tender Offer will be paid accrued and unpaid interest on their purchased Eligible Notes from the last interest payment date up to, but not including, the payment date for such purchased Eligible Notes in the Tender Offer.
The Tender Offer is subject to the satisfaction of the conditions set forth in the Offer to Purchase, including the offering of new senior notes of the Province in an amount and on terms and on conditions acceptable to the Province. The aggregate principal amount of new senior notes of the Province sold for cash is U.S.$725,000,000 and the expected settlement date for the new senior notes is June 10, 2016.
Information Relating to the Tender Offer
J.P Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as the Dealer Managers for the Tender Offer. Investors with questions may contact J.P Morgan Securities LLC at +1 (212) 834-7279 or +1 (866) 846-2874 (U.S. toll-free) or Morgan Stanley & Co. LLC at +1 (212) 761-1057 or +1 (800) 624-1808.
Copies of the Offer to Purchase are available at the following web address: www.dfking.com/cordoba. Copies of the Offer to Purchase may also be requested from, and questions regarding the procedures for tendering Eligible Notes may be directed to, D.F. King & Co., Inc. by telephone at +1 (212) 269-5550 or +1 (877) 361-7963 (toll free) or my email at email@example.com. .
This press release is neither an offer to sell nor a solicitation of offers to buy any securities. The Tender Offer was made only pursuant to the Offer to Purchase. The Tender Offer was not made to holders of Eligible Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. None of the Province, the Dealer Managers, the Tender Agent, the Information Agent or the Trustee for the Eligible Notes makes any recommendation in connection with the Tender Offer. Please refer to the Offer to Purchase for a description of offer terms, conditions, disclaimers and other information applicable to the Tender Offer.
This press release contains certain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements are based on current plans, estimates and projection, and therefore you should not put undue reliance on them. These statements are likely to relate to, among other things, the Province's goals, plans and projections regarding its financial position, results of operations, expenses, performance or the outcome of contingencies such as legal proceedings, which are based on current expectations that involve inherent risks and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years. The Province undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE The Province of Cordoba