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Argentina’s CGC exchanges $8.02 million of notes as of early deadline
Chicago, Sept. 30 – Compania General de Combustibles SA announced that noteholders tendered $8,016,000 of notes in its offer to exchange up to $40 million principal amount of its outstanding 9˝% notes due Nov. 7, 2021 (Cusips: 20448QAA8, P3063DAA0) for 9˝% senior amortizing notes due 2025, according to a press release.
The company will accept all tendered notes thus far for exchange.
There is currently $93,383,000 of the notes outstanding.
As previously reported, the company is offering to exchange $1,000 of existing notes for a like amount of notes due 2025 with the same coupon.
Accrued interest on the notes tendered in the exchange will be paid in cash.
Tenders may be prorated.
The early tender deadline was 5 p.m. ET on Sept. 29, also the withdrawal deadline.
The offer expires at 11:59 p.m. ET on Oct. 14.
Early settlement is tentatively planned for Oct. 4. Final settlement is scheduled for Oct. 19.
Exchanging noteholders should be aware that there could be some Argentine tax considerations involved in the exchange.
For noteholders who tender a principal amount of $500,000 or less, the company will help pay the processing fee by compensating noteholders with an amount equal to 0.25% of the principal amount of the notes tendered.
The offer is limited to certain eligible holders. All tendering noteholders will need to complete and submit an eligibility letter, based on their status, to the exchange and information agent.
Global Bondholder Services Corp. (212 430-3774, 866 470-3800, https://gbsc-usa.com/eligibility/cgc) is the exchange and information agent.
The Buenos Aires-based company is engaged in gas distribution and hydrocarbons exploration and production.
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