April 11, 2016 / 4:46 PM / 2 years ago

Holdout creditors to be paid first from new Argentina bond

NEW YORK, April 11 (IFR) - The hedge funds that waged a 15-year battle to force Argentina to make a bigger payout on its defaulted bonds will get first dibs on the proceeds from the country’s new bond next week.

In an arrangement both unusual and unusually complicated, the sovereign will pay off its litigant creditors first when it sells the new bond, which is expected to price on April 18.

Making them whole will pave the way for the remainder of the proceeds from the bond to be used, according to an offering memorandum seen by IFR on Monday. (Reporting by Davide Scigliuzzo; Editing by Paul Kilby and Marc Carnegie)

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