Le Lézard
Classified in: Business
Subject: RCN

Ad Hoc Bondholder group of the Province of La Rioja Reaches Agreement in Principle with the Province


NEW YORK, Aug. 25, 2021 /PRNewswire/ -- Following constructive discussions with representatives of the Province of La Rioja (the "Province"), the Ad Hoc Bondholder group (the "Ad Hoc Group") of the Province confirms it has reached agreement with the Province on the terms of a proposed debt restructuring. The Ad Hoc Group intends to support a consent solicitation expected to be launched shortly by the Province to effect certain amendments (the "Amendments") to its U.S.$300,000,000 9.75% Green Bond due 2024 (the "Notes") in line with the agreed terms set out in the Province's press release published earlier today.

Subject to the effectiveness of the Amendments and settlement of the other elements of the consent solicitation on the agreed terms, the members of the Ad Hoc Group have agreed to withdraw (or cause to be withdrawn) their claim seeking a judgment against the Province filed on April 22, 2021 in the United States District Court for the Southern District of New York. 

The Amendments are the product of good-faith negotiations between the Province and its bondholders and are consistent with restructuring terms reached by similarly-situated provinces and the Basic Principles for restructuring of Argentine provincial debt published by the Coalition of Argentine Provincial Bondholders. If implemented, the Amendments will provide the Province with significant cash flow relief in the form of coupon reductions and maturity re-profiling that will assist the Province in funding the expansion of its Parque Eólico Arauco wind farm assets as well as urgent social priorities.

Negotiations for the Ad Hoc Group were led by VR Advisory Services Ltd. and Sandglass Capital Advisors LLC.  The Ad Hoc Group holds approximately 52.2% of the outstanding principal amount of the Notes.

Media contact:
Quinn Emanuel Urquhart & Sullivan LLP
Dennis Hranitzky
[email protected]

SOURCE Beauregarde Holdings LLP, Beauregarde Holdings II LLP, Sandglass Opportunity Fund LP, Sandglass Petrus Opportunity Fund LP, and Sandglass Select Fund LP


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