Argentina: Results of the exchange offer of debt under foreign law announced

Clearstream Banking¹ would like to inform customers that effective

immediately

the Republic of Argentina announced that it has obtained the consent required to exchange and/or modify 99.01% of debt under foreign law through its exchange offer announced on 21 April 2020, recently amended and restated on 17 August 2020.

Background

On 4 August 2020, the Government announced a modification to the original invitation as a result of negotiations with main bondholder groups.

According to the press release, holders of 93.55% of the aggregate outstanding principal amount of all eligible bonds have accepted the Republic of Argentina’s invitation to exchange their bonds for new bonds to be issued by Argentina and gave their consent to the actions proposed in the invitation.

The execution date, the effective date and the settlement date for the invitation is scheduled for 4 September 2020 or as early as possible thereafter. This announcement is in line with the press release published “Results of Invitation to Exchange” (see attachment).

Impact on customers

Clearstream Banking is still investigating with Caja de Valores S.A. and will notify customers of this corporate action once the final terms and conditions of the offer are officially published.

Information will be provided via the usual connectivity channels.

Further information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.