CORDOBA, Argentina,
Nov. 23, 2020 /PRNewswire/ -- The
Province of Córdoba (the "Province") today
announced that it has extended the expiration time of its Consent
Solicitations from Holders of Eligible Notes made upon the terms
and subject to the conditions set forth in the Province's consent
solicitation statement dated November 6,
2020 (as it may be amended or supplemented from time to
time, the "Consent Solicitation Statement") from
5:00 p.m. (New York City time) on November 23, 2020, to 5:00 p.m. (New York
City time) on December 14,
2020 (the "Expiration"), unless further extended or
earlier terminated. Capitalized terms used herein but not defined
shall have the meaning assigned to them in the Consent Solicitation
Statement.
Assuming that the Province, among other things, does not further
extend the Expiration or terminate the Consent Solicitations early,
the Solicitation Period is extended through the new Expiration, the
Results Announcement Date shall be on December 16, 2020, and the Consent Date, the
Effective Date and the Settlement Date shall be on December 16, 2020.
The Province continues to receive and analyze investors' views
and suggestions with a view to maximizing investor support while
preserving its debt sustainability goals. The Province firmly
believes that the adoption and implementation of the Proposed
Modifications will contribute to stabilizing its current financial
condition, alleviating the medium and long-term constraints on the
Province created by the current economic crisis and provide relief
to return the Province's economic trajectory to long term growth
that can again support its debt burden. The Province intends
to take advantage of this extension to continue discussions and
allow investors to continue providing their views and suggestions
to successfully restructure the Province's debt.
Holders who delivered their Consents to the Consent
Solicitations prior to the date of this announcement and do not
revoke such Consents prior to Expiration shall be considered to
have accepted the terms and conditions of the Consent
Solicitations.
* * * * * * * * * *
The Province has engaged HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC to
act as consent solicitation agents for the Consent Solicitation.
D.F. King & Co., Inc. is acting as information and tabulation
agent. Any questions or requests for assistance regarding the
Consent Solicitation may be directed to HSBC Securities
(USA) Inc. at +1 (888) HSBC-4LM
(toll free) and +1 (212) 525-5552 (collect) or J.P. Morgan
Securities LLC at +1 (866) 846-2874 (toll free) and +1 (212)
834-7279 (collect).
Before you submit your Consent, you should read the Consent
Solicitation Statement. Holders, or custodians for such holders, of
Eligible Notes may obtain a copy of the Consent Solicitation
Statement by contacting the consent solicitation agents calling any
of the above numbers or by contacting D.F. King & Co., Inc. at
its email address (cordoba@dfking.com) or telephone number (+1
(212) 269-5550 (banks and brokers) / +1 (866) 342-4884 (all
others)) or by download, following registration, via:
www.dfking.com/cordoba.
* * * * * * * * * *
Important Notice
The distribution of materials relating to the Consent
Solicitation may be restricted by law in certain jurisdictions. The
Consent Solicitation is void in all jurisdictions where it is
prohibited. If materials relating to the Consent Solicitation come
into your possession, you are required by the Province to inform
yourself of and to observe all of these
restrictions, including whether you are a Holder pursuant to
the laws of your jurisdiction. The materials relating to the
Consent Solicitation, including this communication, do not
constitute, and may not be used in connection with, an offer or
solicitation in any place where offers or solicitations are not
permitted by law. Holders should carefully review the restrictions
and limitations applicable in certain jurisdictions and the manner
in which the Consent Solicitation Statement will be made available
in such jurisdictions, as set forth under "Transfer Restrictions"
and "Jurisdictional Restrictions" of the Consent Solicitation
Statement.
If a jurisdiction requires that the Consent Solicitation be made
by a licensed broker or agent and a consent solicitation agent or
any affiliate of a consent solicitation agent is a licensed broker
or agent in that jurisdiction, the Consent Solicitation shall be
deemed to be made by the consent solicitation agent or such
affiliate on behalf of the Province in that jurisdiction.
This announcement is not a solicitation of consents with respect
to the Eligible Notes and shall not constitute an offer to sell or
the solicitation of an offer to buy any securities nor will there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or other jurisdiction. The offering of these securities
will be made only by means of the Consent Solicitation
Statement.
Neither the Province, the Trustee, the Consent Solicitation
Agents or the Information and Tabulation Agent has expressed any
opinion as to whether the terms of the Consent Solicitation are
fair. In addition, none of the clearing systems through which
you may deliver your Consent has expressed any opinion as to
whether the terms of the Consent Solicitation are fair.
Neither the Province, the Trustee, the Consent Solicitation Agents
or the Information and Tabulation Agent makes any recommendation
that you deliver Consents or refrain from doing so pursuant to the
Consent Solicitation, and no one has been authorized by the
Province, the Trustee, the Consent Solicitation Agents, or the
Information and Tabulation Agent to make any such
recommendation. You must make your own decision as to whether
to deliver your Consent or refrain from doing so.
Forward-Looking Statements
This announcement contains certain "forward-looking" statements
within the meaning of Section 27A of the U.S. Securities Act of
1933, as amended (the "Securities Act"), and Section 21E of
the U.S. Securities Exchange Act of 1934, as amended. 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.
Notice to Holders
For the purposes of this announcement, "Ineligible
Holder" means each beneficial owner located within a Member
State of the European Economic Area or the United Kingdom (each, a "Relevant
State") who is not a "qualified investor" (as defined in
Regulation (EU) 2017/1129 (the "Prospectus Regulation")) or
any other beneficial owner located in a jurisdiction where the
Consent Solicitation is not permitted by law. No offer of any
kind is being made to Ineligible Holders. For further details
about eligible offerees and resale restrictions, see the Consent
Solicitation Statement.
Notice to Holders In the United
States
The Province is making this announcement in reliance on
exemptions from the registration requirements of the Securities
Act.
The Eligible Notes were not, and the Modified Notes will not be,
registered under the Securities Act, or any state securities law.
The Modified Notes may not be offered or sold in the United States or to any U.S. persons
except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities
Act. Accordingly, this announcement is directed only (1) to
holders of Eligible Notes who are "qualified institutional buyers"
as defined in Rule 144A under the Securities Act ("QIBs")
and (2) outside the United States,
to holders of Eligible Notes other than "U.S. persons" (as defined
in Rule 902 under the Securities Act).
These exemptions apply to offers and sales of securities that do
not involve a public offering. The Modified Notes have not been
recommended by any U.S. or non-U.S. securities authorities, and
these authorities have not determined that this announcement is
accurate or complete. Any representation to the contrary is a
criminal offense.
Notice to Holders In the EEA and the United Kingdom
The Modified Notes are not intended to be offered, sold, or
otherwise made available to any retail investor in the European
Economic Area ("EEA") or in the United Kingdom ("UK"). Consequently no
key information document required by Regulation (EU) No 1286/2014
(as amended, the "PRIIPs Regulation") for offering or
selling the Modified Notes or otherwise making them available to
retail investors in the EEA or the UK has been prepared and
therefore offering or selling the Modified Notes or otherwise
making them available to any retail investor in the EEA or the UK
may be unlawful under the PRIIPs Regulation.
For the purposes of these provisions: the expression "retail
investor" means a person who is one (or more) of the following: (A)
a retail client as defined in point (11) of Article 4(1) of
Directive 2014/65/EU (as amended, "MiFID II"); or (B) a
customer within the meaning of Directive (EU) 2016/97 (as amended,
the "IDD"), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of
MiFID II. References to Regulations or Directives include, in
relation to the UK, those Regulations or Directives as they form
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 or have been implemented in UK domestic law,
as appropriate.
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SOURCE The Province of Córdoba