* The government of Argentina’s Entre Ríos province has announced that a debt restructuring offer, to extend the maturity and reduce interest rates of US$500m worth of bonds, had been accepted by 97.2% of bondholders, well above the 75% threshold. The bonds were due to mature in 2025 with an 8.75% yield. Under the new offer, which was launched on 22 February, the bonds will now mature in 2028, with a 5%-8.25% yield, averaging 7% or a 20% reduction in the interest rate, according to a statement by the Entre Ríos government. Entre Ríos defaulted on its semi-annual interest payment in August 2020, prompting bondholders to file legal proceedings against the provincial government in a US court in January 2021. According to the government statement, following the agreement, the legal proceedings will be dropped.
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