The City of Córdoba Discloses Material Provided to Bondholders

CÓRDOBA, Argentina, Oct. 12, 2020 /PRNewswire/ -- On September 11, 2020, the City of Córdoba (the "City") announced that it had contacted certain holders of its U.S.$150,000,000 principal amount of 7.875% Senior Notes due 2024 (the "Notes"), to engage in negotiations regarding the potential restructuring of the Notes (the "Potential Restructuring").

On September 23, 2020, the City executed a series of separate confidentiality agreements (the "Confidentiality Agreements") with representatives of certain holders of Notes (the "Holders") to facilitate discussions and negotiations. Beginning on September 24, 2020 and continuing on multiple dates throughout September and October 2020, representatives of the City and the City's financial and legal advisors engaged in conversations with the Holders regarding a Potential Restructuring. As of the date hereof no agreement concerning the terms of a Potential Restructuring has been reached, although the City is continuing to negotiate with a Holder group that owns a significant amount of the Notes. There can be no assurance that negotiations will continue or if they do continue, that they will result in an agreement regarding the terms of a Potential Restructuring.

Pursuant to the Confidentiality Agreements, the City agreed to disclose publicly, after the expiration of a period set forth in the Confidentiality Agreements, the information shared in connection with the discussions and/or negotiations that have taken place between the City, its advisors and the Holders concerning the Potential Restructuring (the "Confidential Information"). The Confidentiality Agreement with one Holder group will terminate today in accordance with its terms, except as otherwise provided therein. The Confidential Information that was shared with such Holder group is being made available at https://documentos.cordoba.gob.ar/MUNCBA/AreasGob/EcoFin/City-of-Cordoba-Presentation.pdf (the "Cleansing Material").

In addition to the disclaimers and qualifiers set forth in the material itself, all statements made in the Cleansing Material are in the nature of settlement discussions and compromise, are not intended to be and do not constitute representations of any fact or admissions of any liability and are for the purpose of attempting to reach a consensual compromise and settlement. Nothing contained in the Cleansing Material is intended to or shall be construed to be an admission or a waiver of any rights, remedies, claims, causes of action or defenses. The information contained in the Cleansing Material is for discussion purposes only and shall not constitute a commitment to consummate any transaction, or otherwise take any decisions or actions contemplated in the Cleansing Material. 

Furthermore, the contents of the Cleansing Material shall not be construed as guidance by the City or its Financial Advisor in relation to its future results, and the City does not assume and expressly disclaims any responsibility to update such contents or information at any time.

This announcement is for informational purposes only and is not an invitation to or a solicitation of consents from any holders. Any questions should be directed to the City at the contact information set forth below. The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws.

The City of Córdoba
Marcelo T. de Alvear 120
X5000KGQ – Córdoba, Argentina
Attention:  Diego Miguel Bono (Dirección General de Finanzas)
Email: [email protected]
Tel: +54 351 285-600 Ext. 1206

SOURCE The City of Cordoba

Related Links

https://documentos.cordoba.gob.ar

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