The National Executive Branch of the Republic of Argentina (the “National Executive Branch“), through Decree No. 391/2020 published in the Official Gazette on April 22, 2020 (the “Decree”), formalized the restructuring proposal of public debt issued in foreign currency and under foreign law by the Republic of Argentina (the “Republic“) by means of an exchange offer for up to a maximum amount of USD 44.5 billion and € 17.6 billion (the “Proposal“).
Due the formalization of the Proposal, the Republic announced that it is inviting certain holders of its foreign currency external bonds (the “Eligible Bonds“) to exchange Eligible Bonds for new bonds to be issued by the Republic (the “New Bonds“). For further information of the terms and conditions of the Proposal, the Eligible Bonds and the New Bonds, see the prospectus supplement of the Republic dated on April 21, 2020 (the “Prospectus Supplement“), especially Annex A, Annex B and Annex C.
The Proposal will expire at 5:00 p.m. (New York City time) on May 8, 2020, unless extended or earlier terminated by the Republic (the “Expiration“). Tenders may be revoked at any time at or prior to the Expiration.
Access to the complete text of the Decree can be found here.
Access to the complete text of the Prospectus Supplement can be found here.
This publication does not constitute a legal opinion on specific matters. If necessary, specialized legal advice should be sought.
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