Statement: Ad Hoc Argentine Bondholder Group

NEW YORK, Aug. 5, 2020 /PRNewswire/ -- The Ad Hoc Argentine Bondholder Group confirms its support for the proposed restructuring of Argentina's outstanding debt announced by the Republic of Argentina on August 4, 2020.

The agreement in principle that has been reached is the result of all parties engaging constructively together. The proposed restructuring will provide Argentina with additional resources to help the government address the challenges the country faces, by delivering significant economic relief totalling $37bn over the next 9 years (2020-2028), and by re-opening the country's access to capital markets. In addition, the agreement provides for modifications to the legal framework that reflect certain recent state of the art improvements to sovereign bond documentation.  

Our group comprises institutions that have invested in Argentina on behalf of millions of individuals around the world saving for retirement. We are fiduciaries to our clients and seek outcomes that benefit all stakeholders, including the countries in which we invest. As such, and as long-term investors in Argentina, our goal has always been to achieve a consensual restructuring that offers the best opportunity for the country to forge a sustainable path towards a stronger economic future and inclusive growth in the post-COVID world.

Holders that have confirmed their support to date, include, but are not limited to:

AllianceBernstein
Amundi Asset Management
Ashmore Investment Advisors Limited
Ashmore Investment Management Limited
Autonomy Capital (Jersey) L.P.
Ayres Investment Management LLP
BlackRock Financial Management, Inc. and its affiliates
BlueBay Asset Management LLP
Contrarian Capital Management L.L.C
Fidelity Management & Research Co.
Invesco Advisers, Inc.
T. Rowe Price Associates
Wellington Management Company LLC
Western Asset Management Company LLC

The Ad Hoc Argentine Bondholder Group is advised by White & Case LLP.

Ad Hoc Argentine Bondholder Media Contacts
Greenbrook
ArgentinaBondholderGroup@greenbrookpr.com
+44 (0)20-7952-2000

SOURCE White and Case LLP