form6k

Early Participation Date Results

The Early Participation Date with respect to the Exchange Offer occurred at 5:00 p.m., New York City time, on June 2, 2022 (such time and date, the “Early Participation Date”). According to information provided by Morrow Sodali International LLC, the information and exchange agent for the Exchange Offer (the “Information and Exchange Agent”), US$203,605,500 aggregate principal amount of the Existing Notes (the “Tendered Notes”) were validly tendered and were not validly withdrawn prior to or at the Early Participation Date, which represents 56.56% of the outstanding aggregate principal amount of the Existing Notes. Of the aggregate principal amount of Tendered Notes, (i) US$115,142,500, representing approximately 56.55% of the principal amount of Tendered Notes, were tendered under Option A, and (ii) US$88,463,000, representing approximately 43.45% of the principal amount of Tendered Notes, were tendered under Option B. If no additional Existing Notes were to be tendered after the Early Participation Date, Eligible Holders who have validly tendered and not validly withdrawn their Existing Notes under Option A prior to or at the Early Participation Date would receive US$530.49 of Pro-Rata A Cash Consideration per US$1,000 principal amount of Existing Notes tendered under Option A. At the Expiration Date, the actual cash consideration to be received by each Eligible Holder whose Existing Notes are accepted in the Exchange Offer will be determined on the basis of the actual participation by Eligible Holders in the Exchange Offer and their selection between Option A and Option B.

Eligible Holders who have not already done so may tender their Existing Notes for exchange until 5:00 p.m., New York City time, on June 16, 2022 (such date and time, as the same may be extended, the “Expiration Date”). Concurrently with the Early Participation Date, the Withdrawal Date has also occurred. As a result, any Existing Notes validly tendered on or after the date hereof and prior to the Expiration Date may not be withdrawn except in limited circumstances.

Modifications to the Exchange Consideration

Eligible Holders who tender their Existing Notes on or before the Expiration Date, whether or not they tender their Existing Notes before or after the Early Participation Date, whose Existing Notes are validly tendered and accepted for exchange, will receive the same Exchange Consideration as Eligible Holders who tendered their Existing Notes prior to or at the Early Participation Date. Accordingly, the Early A New Notes Consideration will now be the A New Notes Consideration, the Early A Consideration will now be the A Consideration, the Early B Consideration will now be the B Consideration, and the Early Exchange Consideration will now be the Exchange Consideration. The revised terms of the Exchange Offer are summarized below:

			Exchange Consideration(2)
Existing Notes			Option A(3)		or Option B
Description	CUSIP/ISIN (144A and Reg S)	Principal Amount Outstanding	A New Notes Consideration (Principal Amount of New Notes)	A Cash Consideration	B Consideration (Principal Amount of New Notes)
8.750% Notes due 2023(1)	CUSIPs: 463588 AA1 / P5880U AB6 ISINs: US463588AA16 / USP5880UAB63	US$360,000,000	1.015 times the difference between U.S.$1,000 and the Pro-Rata A Cash Consideration(4)	Aggregate amount equivalent to the lesser of (x) 30% of the aggregate principal amount of Existing Notes that are validly tendered and accepted for exchange in the Exchange Offer, and (y) the principal amount of the Existing Notes accepted for exchange under Option A	US$1,030(5)

(1)

The Existing Notes are currently listed on the Luxembourg Stock Exchange and traded on the Euro MTF Market and are listed on the BYMA (as defined herein) and traded on the MAE (as defined herein). Includes approximately US$9.4 million Notes held by IRSA and its subsidiaries.

(2)

Per US$1,000 principal amount of the Existing Notes validly tendered and accepted for exchange. The Exchange Consideration does not include the Accrued Interest, which shall be paid together with the applicable Exchange Consideration as described herein.

(3)

Holders of Existing Notes validly submitting tenders under Option A will receive a combination of the Pro-Rata A Cash Consideration (as defined herein) and the A New Notes Consideration. At the Expiration Date, the actual A Consideration to be received by each Eligible Holder whose Existing Notes are accepted in the Exchange Offer under Option A will be determined on the basis of the actual participation by Eligible Holders in the Exchange Offer and their selection between Option A and Option B.

(4)

The Pro-Rata A Cash Consideration that will be payable to Eligible Holders whose Existing Notes are accepted for exchange under Option A will be equivalent to the A Cash Consideration divided by the principal amount of Existing Notes accepted under Option A times 1,000. Total consideration to be received by Eligible Holders validly submitting tenders under Option A on or prior to the Expiration Date will range between US$1,000 and US$1,010.5 (either in all cash or in a combination of cash and New Notes) per US$1,000 aggregate principal amount of Existing Notes validly tendered and accepted for exchange, depending on the Pro-Rata A Cash Consideration received.

(5)

In the event that less than 30% of the aggregate principal amount of Existing Notes that are validly tendered and accepted for exchange in the Exchange Offer (such 30% of the aggregate principal amount, the “Total Cash Consideration”) is tendered under Option A, the difference between the Total Cash Consideration and the A Cash Consideration (such difference, the “B Cash Consideration”) will be paid to Eligible Holders whose Existing Notes are accepted for exchange under Option B, pro rata to the principal amount of their Existing Notes accepted for exchange under Option B, and ratably reducing the principal amount of New Notes that comprise the B Consideration. The Pro-Rata B Cash Consideration, if any, that will be payable to Eligible Holders whose Existing Notes are accepted for exchange under Option B will be equivalent to the B Cash Consideration divided by the principal amount of Existing Notes accepted under Option B times 1,000 (the “Pro-Rata B Cash Consideration”). Eligible Holders tendering Existing Notes under Option B will only receive cash as part of the B Consideration if less than all of the Total Cash Consideration is paid out pursuant to Option A.

The information included herein under “Modifications to the Exchange Offer” shall be deemed to be incorporated by reference into the Exchange Offer Memorandum, and to be a part of the Exchange Offer Memorandum from the date hereof, to the extent not superseded by information subsequently incorporated by reference into the Exchange Offer Memorandum.

General Information

IRSA expects, on June 22, 2022, which is the third business day after the Expiration Date (as may be extended by IRSA in its sole discretion, the “Settlement Date”), to issue and deliver the applicable principal amount of New Notes and deliver the applicable Exchange Consideration in exchange for any Existing Notes validly tendered and not validly withdrawn and accepted for exchange, in the amount and manner described in the Exchange Offer Memorandum. IRSA will not be obligated to issue or deliver New Notes or pay any cash amount with respect to the Exchange Offer unless the Exchange Offer is consummated. Eligible Holders of the Existing Notes who are Argentine Entity Offerees or Non-Cooperating Jurisdiction Offerees may be subject to certain tax withholdings resulting from the exchange of their Existing Notes. See “Taxation—Certain Argentine Tax Considerations” in the Exchange Offer Memorandum.

The New Notes are being offered for exchange only (1) to holders of Existing Notes that are “qualified institutional buyers” as defined in Rule 144A under U.S. Securities Act, as amended (the “Securities Act”), in a private transaction in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof and (2) outside the United States, to holders of Existing Notes other than “U.S. persons” (as defined in Rule 902 under the Securities Act, “U.S. Persons”) and who are not acquiring New Notes for the account or benefit of a U.S. Person, in offshore transactions in compliance with Regulation S under the Securities Act. Only holders who have submitted a duly completed and returned electronic Eligibility Letter certifying that they are within one of the categories described in the immediately preceding sentence are authorized to receive and review the Exchange Offer Memorandum and to participate in the Exchange Offer (such holders, “Eligible Holders”).

The Exchange Offer is subject to certain conditions as described in the Exchange Offer Memorandum (including, without limitation, the Minimum Exchange Condition) which are for the sole benefit of IRSA and may be waived by IRSA, in full or in part, in its absolute discretion. Although IRSA has no present intention to do so, it expressly reserves the right to amend or terminate, at any time, the Exchange Offer and to not accept for exchange any Existing Notes not theretofore accepted for exchange. IRSA will give notice of any amendments or termination if required by applicable law.

If you do not exchange your Existing Notes or if you tender Existing Notes that are not accepted for exchange, they will remain outstanding. If IRSA consummates the Exchange Offer, the trading market for your outstanding Existing Notes may be significantly more limited. For a discussion of this and other risks, see “Risk Factors” in the Exchange Offer Memorandum.

None of IRSA, its board of directors, the Dealer Managers (as defined herein), the Information and Exchange Agent or the New Notes Trustee with respect to the Existing Notes or any of their respective affiliates is making any recommendation as to whether Eligible Holders should exchange their Existing Notes in the Exchange Offer. Holders must make their own decision as to whether to participate in the Exchange Offer, and, if so, the principal amount of Existing Notes to exchange.

Neither the delivery of this announcement, the Exchange Offer Documents nor any purchase pursuant to the Exchange Offer shall under any circumstances create any implication that the information contained in this announcement or the Exchange Offer Documents is correct as of any time subsequent to the date hereof or thereof or that there has been no change in the information set forth herein or therein or in IRSA’s affairs since the date hereof or thereof.

This press release is for informational purposes only and does not constitute an offer or an invitation to participate in the Exchange Offer. The Exchange Offer is being made pursuant to the Exchange Offer Documents (and, to the extent applicable, the local offering documents in Argentina), copies of which will be delivered to holders of the Existing Notes, and which set forth the complete terms and conditions of the Exchange Offer. Eligible Holders are urged to read the Exchange Offer Documents carefully before making any decision with respect to their Existing Notes. The Exchange Offer is not being made to, nor will IRSA accept exchanges of Existing Notes from holders in any jurisdiction in which it is unlawful to make such an offer.

	IRSA Inversiones y Representaciones Sociedad Anónima

June 3, 2022	By:	/s/ Saúl Zang
		Saúl Zang
		Responsible for the Relationship with the Markets