NEUQUÉN, Argentina, May 17, 2016 /PRNewswire/ -- The Province of Neuquén (the "Province") today announced that, pursuant to the terms of its offer to exchange its 7.875% Secured Notes due 2021 ("2021 Notes") for its 8.625% Secured Notes due 2028 (the "New Notes") launched on May 2, 2016 (the "Exchange Offer"), it has settled the Exchange Offer by issuing approximately U.S.$ 113.7 million aggregate principal amount of New Notes and cancelling approximately U.S.$ 181.0 million original principal amount (approximately U.S.$ 110.4 million current principal amount) of its 2021 Notes duly tendered and accepted in the Exchange Offer.
The Exchange Offer was made on the terms and subject to the conditions set forth in the exchange offer memorandum dated May 6, 2016 (the "Exchange Offer Memorandum"). Holders of approximately 69.6% of the original principal amount of 2021 Notes participated in the Exchange Offer.
All New Notes issued pursuant to the Exchange Offer (i) constitute a single series with, (ii) have the same terms and conditions as, (iii) have been assigned the same CUSIP and ISIN numbers and Common Codes as and (iv) are fungible with, the U.S.$ 235,000,000 New Notes issued and sold pursuant to the concurrent offering which settled on May 12, 2016.
The New Notes are governed by the laws of the State of New York and contain collective action clauses. The Province has applied to list the New Notes on the Luxembourg Stock Exchange, and has applied to have the New Notes admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange, the Mercado de Valores de Buenos Aires S.A. and the Mercado Abierto Electrónico S.A.
Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC acted as Dealer Managers, Banco de Galicia y Buenos Aires S.A., Banco Macro S.A. and Puente Hnos S.A. acted as Local Dealer Managers, and Global Bondholder Services Corporation acted as the Exchange Agent and the Information Agent.
This announcement is not an offer or a solicitation of offers to exchange any securities. The New Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). This announcement does not constitute a public offer in the United States of America. The New Notes may not be offered or sold in the United States of America absent registration with the U.S. Securities and Exchange Commission or an exemption from registration under the Securities Act.
