FWP 1 d31762dfwp.htm RESULTS PRESS RELEASE Filed pursuant to Rule 483 Registration Statements Nos, 33.219772 and 383-287192 ‘PRESS RELEASE FOR IMMEDIATE RELEASE August 31,2020 ‘The Republic of Argentina Announces Results of Invitation to Exchange ‘Busus: Alcs: Areaatiua: The Republic of Argentina (the “Republic") announces that it has obtained the consents quired to exchange and or sodify 99.01% of tie azeresite principal amouat outstanding of al series of eligible honds ised wader the 2005 Indenture (tse "2005 Indsatuse ‘Eligible Bond") and 2016 Indenture (the “20}6 Indenture Eligible Bonde" and, rogetber with the 2005 Indenture Eligible Bonds, the “Eligible Bouds") pursuant tothe terms ofits invitation (the “Insitaion”) deseribed in the prospectus supplement dated Apri 21,2020, as most recently amended and restated on August 17, 2020 (the “Brosasius Supnlemiat"). ‘As of 5:00 pan. NewYork City time, on August 28,2020, holders of 93.40% ofthe aggregate principal amount Outstanding ofall Eligible Bonds have aecepted the Republie’s Invitation to exchange their Eligible Bonds for new bonds tobe issued by the Republic (the "New Bonds"), and gave theit consent othe ations proposed in the Iavitation, inching to authorize and direct the Trustee, where applicable, to modify the Eligible Boads of the evant serie thet rennin ovtstanding ater giving effec othe exchange offers by aubsitting them forthe relevant amounts of New Bands. The ‘Republic hae accepted all valid Tender Ondersdeliveved purcvaut fo the Lavitation. The written consents givea by holders of Eligible Boads puesvaat to {he Invitation ae sufficient 0 ender the Proposed Moctficaions (as defined below effective for each ofthe following series (the “Modified Series (esiomsctsi) CESHOINGWTT Uspossosaazs) ——USOHOTHEFOS UseorsoRA2) exsit30550) 2 USD 2033 Dicom Bone [and I 8, USD 2022s 14. USD 2036 Bonde 20, CHF 020 Bonde xsosonorse xs0s0T185050) (CS010 114K, CspoeosAL7) oso40i torr UspossoaKos Casnuse) snouts) 3 USD P2038 Bonds USONOLLUGKO) 9. USD2025 Bone iSO 2046 Boe 21, Eo 2027 Bonde (esnt0ineapss) esuineves Croats iesisosisoss) “4B 2083 Discount Boas 10, USD 2026 Bonds 16.USD 2048 Bonds 22 Eo 2028 Bonde cxsinnssiest) (ognennigxan, Usroseeaces, doaoen aR xsirisioa77) Esouscss) 5 Bao 133 Discover Bonds I nT 1,.US0 2027 Bons, 17.U8D2117 Bonde 25 Eo 2047 Bonde xeneoitsis4 nsos01182306) Center] CsposeteANMED) ——_ CUSPOISDEANE CSODLL AES exsitissssieh) Suan) cxsin0sss7381) (ESOAOTHEIQS) (€x51503160225) (@) Tn accordauce with the Invitation, the Republic has exclude the following series from the list of designated series: USD Par 2038 Boods I and I (€850501195647; 350501195720) and Euro Par 2038 Bonds If and IMI (50501195993: XS0S01196025). {Upon execution ofthe Supplemental Iadenares ad satiation (or waiver) of al other coitions to he Invitation, the Eligible Bonds of the Mosited Secee tat remain ovstantiog afer giving effet othe exchange oer willbe sbstinted fr the relevant anus: of) New USD 2038, Bonds in the case of USD Discount Bond. (i) New Euso 2038 Bool (athe ease of Euro Discount Boos) (i) New USD 2041 Bonds (ia th case of USD Par Bonds), iv) New Euro 2041 Bonds (in the ease of Evo Par Bonds), (6) New USD 2046 Bonds (in the ease of any 2016 Tadeare Eligible ‘Bonds denomizated in USD), ov) New Euo 2046 Bonds (in the eae of aay 2016 Tndearure Eligible Bons deaoanaed in ewos ox CHF) (with respect each series of Eligible Bonds, the “Ezgpased Modifications). The Proposed Modifications wil be conclusive and binding on all holders of sch Modified Series that have uot patisipate ia the exchange offer, wcer or nt they bave coaeuled othe Proposed Mocifeations. After giving effect tothe Acceptaace Priority Proceduses describe inthe Invitation, the Republic intends to ive (i) U.S.$2,635,028.874 ‘agaregae prteipal amount of the New USD 2029 Bonds, (i) €90,389,736 aggregate principal amount ofthe New Eizo 2029 Bonk (ii) US.$16,000,612.138 aggregate principal amount ofthe Naw USD 2030 Bonds, iv) €1,165,590.836 aggregate principal amount ofthe New Euro 2030 Bonds, (¥) U.S $20,501,717 S04 azerezate principal amount of the New USD 2035 Bonds, vi) €298,795 262 azeregate principal amoust ofthe ‘New Euro 2035 Bonds, (vi) U'S.S11,405,065,289 agereeate principal amount ofthe New USD 2038 Bonds, (il) €809,326,807 agaregateprinejpal ‘amount of the New Euro 2038 Bonds, (ix) U.S $10,482. 111.279 aggregate prinipel amount of the New USD 2041 Bonds, (x) €1,572,601,941 aggregate ‘principal amount ofthe New Euro 2041 Bonds, xi) U.S.S2,091,997,126 agaregate principal amount ofthe New USD 2046 Bonds, and (xi) £€248, 126,086 agercante principal acaouat ofthe New Euro 2046 Boad, in each case, to be delivered ae cousderation For the Eligible Bonde to be exchanged of modified and substituted pursuant tothe Iavitation, 115.527.826.578 of the New USD 2029 Bonds and €956,071 of the New Euro 2029 Bonds will consinte Expense Reimbursement Bonds ‘ad (i) wil bo applied to compensate the Supporting Creditars for fees and expenses oftheir advisor: ia connection with the Invitation, and (i) reduce pro mia the principal amounts of New USD 2029 Bonds and/or New Enro 2029 Bonds that each bolder would otherze be entitled to receive pursuant to the Invitation, The execution date the effective date aad the settlement date for the lvitation is schedled 1 occur on September 4, 2020 or as early a5, practicable thereaier For more information on the amounts of valid Tender Order received and accepted see Auex A, For more information on the Proposed Modifications see Arex B. Capitalized tens used herein and not otherize defined shall have the meaning ascribed to them in the rospectas Supplement. ‘The Republic launched the Invitation to obtain the relief needed to rezain the sustainability ofthe Republics extemal debt. The Republic las also proposed a comprehensive approse address the Financial situation tha bas given rie to the relief sought in the Iavitation wits editors ‘under other foreign-curreney denominated debt, On August 26, 2020, the Kepublic approached the International Monetary Fund with a View fo intating conciliation seeking agreement ox 2 nev INE-cupportad program to replace the 2018 Stand By Support Agreemast. 2 ‘The Republic engaged BofA Securities, In. and HSBC Securities (USA) Inc. to acta: dealer managers forthe Invitation. Any questions or quests for assistance regarding the Invitation maybe directed to BofA Securities, lnc. at +1 (888) 292-0070 (toll fie) or +1 (646) 855-8988 (collect) or HSBC Securities (USA) Tuc, at*1 (888) HSBC-4LM (cll fee) and +1 (212) 525-5552 (collect Lazard acted as financial advisor and D.F. King ated as exchange, tabulation and information agent forthe Republic’ Invitation (Questions regarding this press release may be directed ro DF King ais email address (argentina@dfkingts.com) or telephone number (+1 (800) 341-6292 (Toll Free)'+1 (212) 269-8550 (collect 44 20 7920 9700}, 3 AumxA “The ables below reflect the aggregate principal amounts of vali Tender Orders received (poet the application ofthe Acceptance Priority ‘Provedures) and secepted to exchange Eligible Bonds for (i) New USD 2038 Bonds and New USD 2041 Bonds (Table LA), (i) New Euro 2038 Bonds tnd New Eno 2041 Bonds (Table 1B), (i) New USD 2030 Boad, New USD 2035 Bonds and New USD 2046 Bond (Table 2A), aud iv) New Euro 2030 Bonde, New Eno 2038 Boads aad New Euro 2046 Boude (Table 2). ‘garni Original pect eont ot Morten (SDI ‘ers USD 200 Bugle Bonds Beads USD 2033 Discount Bonds T ES 920, 993937 oss USD 2033 Discount Bonds I and It Uss USD Par 2038 Bonds 1 TS sa360857.548 USD Par 2038 Bonds IT and 11 uss Euro 2083 Discount Bonds I Euro 2033 Discount Bonds I sad I Euro Par 2038 BondlsT z Euro Par 2038 Bonds If and HL = surezate Orgel Pedpe mous ot Agersne Oras, Nii ender Orders PelcpalAmoeat ot Received a Accopied Vili fender Orders ine New Eure 2088 Recrived nl Arcpied igbleonee ends sore Pare 2041 Bonde Euro 2033 Discount Boads 1 inser é 3818.68 nro 2033 Discount Bond: I nd I © 7599.14 e 1348007 nro Par 2038 Bonds 1 NA em Euro Par 2038 Bonds tan NA e 36.968.930 ‘Table 2 Valid Tender Oniors o Exchapoe Elinible Bonds for New USD 2030 Bonds, New USD 2035 Bonds and Now USD 2046 Bonds Receives and ‘Asssaied Aggroqts Original AgrogtsOriginl__Sgarnso Orginal Praga meena Vaid Pristpcimomtevaid— Peecalmoent ot Agrepte Original "Tnier Orders Acsped. “Tender Oriere ered Vaid Tony Orders PeacpelAmment et e%ew CSD 000 Bonds, Grew USD IAS Hands, Accptd for New USD Nall fonder Orders atcrappicaten of” provtoapplatenct” NS banda afer’ Recened snd acceped Aceepnce Priory "AeeptaneePriaiy application of ceptance "for ew CSD 2046 gb onde ‘Bocaire recurs Priory Procedure Beode USD 2021 Bonds TEsi soz TES ssw206000 TSS Te2sGOO Tiss 78245000 TSS 4,560,000 ‘USD 2022 Bonds USS2.716614.000 TSS 2716614000 US$ 88421,000 USS B8A21,000 USS 5.142.000 USD 2023 Bonds {USs1,707832,000 USS _1,707.882.000 USS 13.355,000 USS 13.585,000 USS 4,101,000 USD 2026 Bonds USS5912.599.000 USS 2.087.832.5020 US$ 479511,000 USS #79SI1.000 USS 7.890.000 ‘USD 2027 Bonds US53.393.343,000 USS 1.198.182.489 USS _263.472,000 USS 263.472,000 USS 13,341,000 USD 5.875% 2025 Bonds 175:53922.502.000 5S _1.385,027.406 US$ 727.004000 55 277.004.000 USS _77.323.000 ‘USD 6.625% 2028 Bonds USS $65.600.000 USS 306,700.877 USS 105.154,000 USS 105,154,000 USS 8.190.000 USD 2036 Bonds USS1371,640,000 USS 484323269 USS 339,202,000 USS #39.202,000 USS 18,080,000 USD 2046 Bonds NA WA USS 2576012000 USS 7578012000 USS 95993,000 ‘USD 2048 Bonds A NA U55 2856986000 USS 2.856986000 USS 77,560,000 USD 2117 Bonds NA NA USS 2434533000 USS 2434553,000 USS 210,063,000 Euro 2022 Bonds = s05034.000 E 905,034,000 NA NA NA Euro 2023 Bonds © 851.218.000 € 851,218,000 WA NA NA CHF 2020 Bonds CHE 254295000 CHF 254.295,000 NA WA NA Euro 2027 Bons NA NA © 790528000 © 790,328,000 NA Euro 2028 Bonds WA Nia € 613,761,000 € 613,761,000 NA Euro 2047 Bonds NA NA NA Wa = a65030.000 ‘USD 2033 Discount Bonds T NA NA WA WA USS _ 1.590031 USD 2033 Discount Bonds I and 11 wa WA WA NA USS _ 661.695 USD Par 2038 Bonds 1 NA NA WA Na USS 46003788 USD Par 2038 Bonds 1 and 1 NA NA NA WA USS 516276 ‘Table 2B: Valid Tender Ondo to Exchange Eligible Bonds for New Euro 2030 Bonds, New Euro 2035 Roads and New Euso 2046 Bonds Received and ‘Asseotad Asrezate Original great Origin) AgareatOriial Princpslameentot —Prlacal Amount ot Principal Amount of NaltTeader Orders Yah Tender Orders Nal Tender Orders Aggregate Oruinal ‘AcaotedforSen —Rectedforen Eure Accepted forNew—— Pinpal Amount of 2050 onds prio Eavo2080Bonds ater "3488Bendy prior we Earo 2088 Bends afer Yall Tender Orders snplesionscopatcs sppleston of hceptnta appbenuon af hcerganes appicatonshccpante igi Bonde TrontyPrecegres "Peary Proadtea "etry Procedure‘ vtrty Prcadures for Sow Ear 2004 Bends Euro 2032 Bonds = 250,082,000 € 290,082,000 15313000 & 15313000 & 7,800,006, Euro 2023 Bonds € 134398000 € 134,398,000 € ‘588,000 € '5.588,000 € 44526,000 CHP 2020 Bonds CHE —_791530.000 CHF —_79.530.000 CHF 15,800,000 CHF 15,800,000 CHF 820,000 Euro 2027 Bons € 355,030,000 € 335,030,000 € 42,865,000 € 864.000 € 3,800,000 Euro 2028 Bonds € 8.417.000 € 348,417,000 € 22,302,000 € 22,302,000 € 2.249.000 Euro 2047 Bonds NA WA € 207325000 € 207325000 € 14480,000 Euro 2033 Discount Bouds 1 NA NA NA Nae 14653,542 Euro 2033 Discount Bonds Tt ‘nd 1 NA NA NA NA € gsi Euro Par 2038 Bonds 1 NA NA NA Na € 2.084.898 Euro Par 2038 Bonds Mt and IL NA NA NA Na € 514338 6 Amex 2005 Indenture Ronds Proposed Modifications For each series of 205 Indenture Eligible Bonds listed in Table 3, the Proposed Modifications obtained valid consents from holders of (5) not less than 85% of the agavogate principal amouat ofthe affected series listed in Table 3 Outstanding aud () not less than 6623% of the aggregate prieipal anount of each such series (taken indivicually) thea Outstanding tot Gomtad te Fropned ‘Satan Modis {USD 2053 Discount Bonds TSS 5557, 0068 iss 3732, 700509 ‘USD 2033 Disconot Bonds I and a USS 1.234,766616 USS 1.178,601,169 uo 2083 Discount Bonds 1 © 3.107568. © 2.798245 001 aro 2033 Discount Bonds It ad tt €__2431,003.408 USD Par 2038 Bonds ‘USS 4.698.572.050 Evo Par 2038 Bonds T © 39750758 Total SSDI, 760.482.768 SSI9 464. 455.209 {@)_Toaecordance with the Invitation the Republic has exchuded she flowing series fom he list of designated series: USD Pat 2088 Bons Mand Tt (€850501195647; 330501195720) and Euro Par 2038 Bonds I! and MI (50501195993; XS0501196025). For the puuposes of determining whether the Requisite Consents have been received, the Outstanding principal amount of Eligible Bonds denominated in surce have been converts into U.S, dollars ing the exchange rte deternined by the Deslar Managers based oa th prise az chowa on the FXC page displayed on the Bloombers Pricing Monitor ator ard 12:00 pm. (soon) New York City tine on April 21, 2020 €1 equals U'SS1,08563) Accordingly, the aggregate principal amoust Outstanding of 2005 ladentuee Eligible Bonds denoraizated in euros Was USSI1,7293123951, 2016 Indenture Bonds Proposed Modifications For cach series of 2016 Indenture Eligible Bonds listed in Table 4, the Proposed Modifications obtained vali conseots from holders ‘of (x) more than 65259 ofthe agzregate principal amount ofthe series listed in Table 3 and Table 4 Outstanding and (¥) more than 50% ofthe ‘aggregate principal amount of series listed in Table 4 (taken individually) Outstanding Tacsutucs ape racial snathoe Cocoa itis comentd crepe he Pon Bile Bonds Meares Modineateoe USD 2021 Bonds TEs USD 2022 Bonds 36.47% USD 2023 Bonds E53 1.750.000.000 Ss 1.725.458.000 98.60% ‘USD 2026 Bonds WSS 6.454,850.000 US 6.335.150.000 98.46% USD 2027 Bonds USS 3.750.000.000 US 3.670.156.000 97.87% USD 5.875% 2028 Bonds Us 4.250.000,000 USS 4.177.029.000 98.255 USD 6.625% 2028 Boods ESS _965.000.000 uss 98.1396 USD 2036 Bonds USS 1737,000.000 USS 1.705,972.000 98.78 USD 2046 Bonds Ess 2.617,685.000 Ss 2.541,690.000 97.1086 USD 2048 Bonds ‘US'S $.000.000.000 USS 2.934,546.000 97.82% USD 2117 Bonds Ss 2.555.772.000 96.05% Enro 2022 Bonds 96.98% Eno 2023 Bonds 99.5795 CHF 2020 Bonds 57.61% ‘Baro 2027 Boods 95.38% ‘Euro 2028 Bouds 98.67% Euro 2047 Bonds 31.486 ‘Total 2016 Indenture Bigible ‘Bonds Ys541,618.421,000 ‘Total Eligible Bonds 2016 Tndeature Eligible Bonds plus 2005 Indenture Eligible Bonds) U8363,375,888.764 US59,734,866,288 94.2806 For the purposes of determining whether the requisite consents have been received, the Outstanding principal amount of Flisible Bonds ‘denominated in euros and CHF has been eonveried into U.S. dollars using the exchange rate determined by the Dealer Managers based on the pre as shown on the FXC page displayed onthe Bloomberg Pricing Monitor, ator around 9:00 aan. New York City time on the Expiration (€1 equals U'S1.1878 apd CHF equals U.S S1.1044) Accordingly the agarepate principal amount Outstanding of (i) all 2016 Jadenture Eligible Bonds denominated in eures was U.S.S6.235,950,000 and (i) the 2016 Indenture Finble Bonds denominated in Swiss franes was U.S.$41, 760,000, 8