The Province of Salta Reaches Agreement in Principle to Amend its 9.125% Notes due 2024

SALTA, Argentina, Jan. 29, 2021 /PRNewswire/ -- The Province of Salta (the "Province") announced today that it has reached an agreement in principle with an ad hoc group of bondholders represented by VR Advisory Services Ltd. (the "Holders") representing approximately 40% of the Province's 9.125% Notes due 2024 (the "Notes"), for the Holders to support a proposal to amend the Notes (the "Proposal"). The Proposal is the product of good-faith and constructive negotiations between the Province and the Holder.

The formal launch of the consent solicitation process to amend the Notes is expected to occur in the coming days, subject to obtaining certain governmental approvals and the finalization of definitive documentation. There can be no assurance that such approvals and documents will be obtained or finalized as expected or that the consent solicitation will be successful.

If the consent solicitation is successfully consummated, the terms of the amended Notes are expected to provide the Province with significant debt service relief in the form of coupon reductions and maturity reprofiling.

This announcement is for informational purposes only and is not an invitation or a solicitation of consents from any holders of Notes. The consent solicitation will be made pursuant to a consent solicitation statement. Before making a decision with respect to their Notes, eligible holders of Notes are urged to review the consent solicitation statement that may be issued by the Province and evaluate the risks associated with the consent solicitation and proposed amendments to the Notes described therein.

NONE OF THE PROVINCE, ITS ADVISORS OR AGENTS, NOR ANY OF THEIR RESPECTIVE DIRECTORS, EMPLOYEES, AFFILIATES, AGENTS OR REPRESENTATIVES MAKES ANY RECOMMENDATION AS TO WHETHER ELIGIBLE HOLDERS SHOULD PARTICIPATE IN ANY CONSENT SOLICITATION THAT MAY BE ANNOUNCED BY THE PROVINCE.

Neither the consent solicitation nor the amended Notes will be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law and the amended Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

Forward-Looking Statements

This announcement contains forward-looking statements. Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties. No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions. The Province undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

SOURCE The Province of Salta

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