Telecom Argentina S.A. Announces Final Results and Payment Date for its Cash Tender Offer

BUENOS AIRES, Argentina, Aug. 6, 2024 /PRNewswire/ —

Telecom Argentina S.A.

8.500% Notes due August 6, 2025

(CUSIP Nos. 879273 AT7 and P9028N AZ4; ISIN Nos. US879273AT79 and USP9028NAZ44)

Telecom Argentina S.A. (“Telecom”) announces the final results at the Expiration Time for its offer to purchase for cash (the “Offer”) up to U.S.$100,000,000 outstanding aggregate principal amount (reflecting, for the avoidance of doubt, any amortization) of its outstanding 8.500% Notes due August 6, 2025 (the “Notes”) from each registered holder, on the terms and subject to the conditions set forth in the offer to purchase dated July 8, 2024 (as amended by Telecom’s press release dated July 22, 2024, whereby Telecom announced an extension of Early Tender Offer Consideration, as it may be further amended or supplemented from time to time, the “Statement”). Capitalized terms used but not defined herein have the meanings assigned to them in the Statement.

The Offer expired at 5:00 p.m., New York City time, on August 5, 2024 (the “Expiration Time”). The Payment Date is expected to be August 8, 2024, which is three business days after the Expiration Time.

The following table summarizes the aggregate principal amount of Notes validly tendered (and not validly withdrawn) in the Offer and accepted for purchase (subject to any required proration) as of the Expiration Time:

Description of Notes

CUSIP Nos.

Original Principal Amount Outstanding (1)

Principal Amount
Tendered by the
Expiration Time and
Accepted for Purchase

Principal Amount
Tendered Post
Amortization Factor(2)

8.500% Notes due August 6, 2025

CUSIP No.: 879273 AT7
CUSIP No.: P9028N AZ4

U.S.$388,871,000

U.S.$58,382,000

U.S.$19,849,880

 

(1)     As of July 8, 2024. This amount does not reflect any amortizations or repurchases.
(2)     The original principal amount of Notes of U.S.$388,871,000 is subject to a variable amortization factor (the “Amortization Factor”) which is calculated in accordance with amortization payments made and expected to be made in accordance with the terms and conditions of the Notes. On or after August 6, 2024, the Amortization Factor is expected be 0.34 and the aggregate outstanding principal amount of the Notes is expected to be U.S.$132,216,140.

Telecom expects to pay an aggregate amount of U.S.$19,710,930.84 as tender consideration for the Notes accepted for purchase in the Offer. In addition to the tender consideration, Telecom expects to pay US$9,373.03 of accrued and unpaid interest in respect of all Notes accepted for purchase.

On August 6, 2024, Telecom made an amortization payment in the amount of U.S.$128,327,430 on the Notes, including those Notes validly tendered and accepted for purchase. Prior to this amortization payment, the outstanding principal amount of Notes reflecting any amortization was U.S.$260,543,570. Following this amortization payment, the outstanding principal amount of Notes reflecting any amortization is U.S.$132,216,140. Following the Payment Date, the outstanding principal amount of Notes reflecting any amortization will be U.S.$112,366,260.

Morrow Sodali International LLC acted as the information and tender agent (the “Information and Tender Agent”) for the Offer. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC, BBVA Securities Inc., BCP Securities, Inc., Latin Securities, S.A., Agente de Valores, and UBS Securities LLC are acting as dealer managers (the “Dealer Managers”) for the Offer.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Offer was not made to holders in any jurisdiction in which Telecom was aware that the making of the Offer would not be in compliance with the laws of such jurisdiction.

Forward-Looking Statements

This press release 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. Telecom 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.

The Information and Tender Agent for the Offer is:

Morrow Sodali International LLC

E-mail: [email protected]

Offer Website: https://projects.morrowsodali.com/telecomargentina  

In London

103 Wigmore Street

W1U 1QS

London

Telephone: +44 20 4513 6933

 

In Stamford

333 Ludlow Street,

South Tower, 5th Floor

Stamford, CT 06902

Telephone: +1 203 658 9457

 

Any question regarding the terms of the Offer should be directed to the Dealer Managers.

The Dealer Managers for the Offer are: 

Deutsche Bank Securities Inc.

1 Columbus Circle
New York, New York, 10019
United States
Attention: Liability
Management
Call Collect: (212) 250-2955

Toll-Free: (866) 627-0391

 

 

J.P. Morgan

Securities LLC

383 Madison Avenue

New York, New York 10179

United States

Attention: Latin America Debt Capital Markets

Call Collect: (212) 834-7279

Toll-Free: (866) 846-2874

Santander US Capital Markets LLC

437 Madison Ave
New York, New York 10022

United States

Attention: Liability Management
Call Collect: (212) 350-0660
Toll-Free: (855) 404-3636

BBVA Securities Inc.

1345 Avenue of the Americas,

44th Floor

New York, New York 10105

United States of America

Attn: Liability Management

Collect: +1 (212) 728 2446

U.S. Toll Fee: +1 (800) 422 8692

Email: [email protected]

BCP Securities, Inc.

289 Greenwich Avenue

Greenwich, CT 06830

United States

Attention: James Harper

(203) 629-2186

Email: [email protected]

Latin Securities S.A. Agente de Valores

Zonamérica

Ruta 8, Km 17,500

Edificio M2, Ofic. 002

Montevideo, CP 91600

Uruguay

Attention: [email protected]

UBS Securities LLC

1285 Avenue of the Americas

New York, NY 10019

Attention: Liability Management Group

Call Collect: (212) 882-5723

Toll Free: (833) 690-0971

Email: [email protected]

Information relating to the Offer shall be available online at https://projects.morrowsodali.com/telecomargentina until the consummation or termination of the Offer

SOURCE Telecom Argentina S.A.


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