The City Of Buenos Aires Announces The Results Of The Cash Tender Offer For Up To U.S.$390,000,000 In Aggregate Principal Amount Of Its 9.95 Per Cent. Series 10 Notes Due 2017

BUENOS AIRES, Argentina, May 24, 2016 /PRNewswire/ -- The City of Buenos Aires (the "City") announced today the results of the previously-announced tender offer to purchase for cash (the "Offer") up to U.S.$390,000,000 in aggregate principal amount (the "Maximum Tender Amount") of its 9.95 per cent. Series 10 Notes due 2017 (the "Series 10 Notes"). The terms and conditions of the Offer are set forth in the Offer to Purchase, dated May 13, 2016 (the "Offer to Purchase").

The Offer expired at 5:00 p.m., New York City time, on May 23, 2016 (such date and time, the "Expiration Date").

The City has been advised that, as of the Expiration Date, U.S.$239,731,000 in aggregate principal amount of Notes, or approximately 57.77% of the Series 10 Notes outstanding, have been validly tendered pursuant to the Offer.

Subject to the closing of the Series 12 Notes Offering and the other terms and conditions set forth in the Offer to Purchase, Notes accepted for purchase are expected to be paid in full by the City on June 1, 2016, subject to change without notice (the "Settlement Date"). The City will use a portion of the net proceeds of the sale of the Series 12 Notes to pay the purchase price for the Series 10 Notes.

The table below summarizes certain payment terms of the Offer and the aggregate principal amount of the Series 10 Notes to remain outstanding:

Subject to the closing of the Series 12 Notes Offering and the other terms and conditions set forth in the Offer to Purchase, Holders who had validly tendered their Series 10 Notes prior to or at the Expiration Date will receive U.S.$1,055.00 for each U.S.$1,000 principal amount of the Series 10 Notes, in addition to accrued and unpaid interest in respect of the purchased Series 10 Notes from the last interest payment date for such Series 10 Notes to, but not including, the Settlement Date.

The terms and conditions of the Offer are described in the Offer to Purchase previously distributed to the holders.

The Dealer Managers for the Offer are:

Questions regarding the Offer may be directed to the Dealer Managers at the above contact.

The Offer to Purchase, as well as other relevant notices and documents are available on the Offer Website http://sites.dfkingltd.com/CityofBA, operated by the Tender and Information Agent for the purpose of the Offer to Purchase.

The Tender and Information Agent for the Offer is D.F. King & Co., Inc.

Email: [email protected] 
Offer Website: http://sites.dfkingltd.com/CityofBA   

Any questions or requests for assistance in relation to the Offer to Purchase may be directed to the Dealer Managers at their respective telephone numbers set forth above or to the holder's broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offer. Requests for additional copies of the Offer to Purchase may be directed to the Tender and Information Agent at the addresses and telephone numbers set forth above.

This release shall not be construed as an offer to purchase or a solicitation of an offer to purchase any of the Series 10 Notes or any other securities.

The Offer was not made, nor has the City accepted tenders of Series 10 Notes from, 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 City, the Bank of New York Mellon as trustee, principal paying agent and calculation agent, registrar, exchange agent, transfer agent and listing agent, the Dealer Managers or the Tender and Information Agent made any recommendation as to whether or not holders should tender their Series 10 Notes pursuant to the Offer.

Forward-Looking Statements

This notice includes and references "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may relate to, among other things, the City's strategy, goals and expectations.

Although the City believes the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect.

The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors. The City undertakes no obligation to update any of its forward-looking statements.

SOURCE The City of Buenos Aires