Government Registers Debt Offer with SEC: Sends New Bill to Congres
10 julio 2020

On July 6, the Argentine Government registered the new foreign law debt restructuring offer with the United States Securities and Exchange Commission (SEC). This was published in the Official Gazette through Decree 582/2020, which includes AMENDMENT NO. 1 TO PROSPECTUS SUPPLEMENT of April 21, 2020, and the Issue conditions of the new securities.

The offer was subject to a subscription period expiring on August 4. The Ministry of Economy also announced its intention to send Congress a bill to restructure the foreign-law public debt “on equitable terms to the proposed exchange”. Access the full press release here.

“The new debt profile emerging after the restructuring should be consistent with plans for economic recovery and strengthen the path to growth allowing us to meet the challenges posed by the COVID-19 pandemic. We must be able to deal with this while remaining sustainable in the medium and long term,” said Economy Minister Martín Guzmán in a statement.

The new offer acknowledges interests earned on securities which can be exchanged until September 4, 2020 with a bond maturing in 2030, earning an annual interest of 1% in dollars and 0.5% in Euros.