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Argentina’s Clisa gets necessary consents for full PIK payment
Chicago, Feb. 9 – Argentina’s Compania Latinoamericana de Infraestructura & Servicios SA (Clisa) received consents from holders representing 93.56%, or $321,327,118, of its outstanding step-up senior secured notes due 2027 (Cusips: 20445PAH8, P3063XAJ7) from a solicitation started Jan. 11, according to a press release.
The company was asking noteholders to amend the terms of the notes so that the cash portion on its notes could be paid entirely in kind.
Specifically, for the interest period from July 25, 2023 through Jan. 25, the amendment eliminates the portion of the coupon paid in cash in lieu of an 8½% in kind payment, rather than 6¼% in cash and 2¼% in kind, as previously called for.
Noteholders representing at least 75% of the notes needed to consent.
The company will pay a total consideration of $3.25 million to be divided pro rata among consenting noteholders. The company designated Feb. 9 as the record date for both the consent payment and the PIK payment.
The consent solicitation expired at 5 p.m. ET on Feb. 9.
BCP Securities, Inc. (Attn: James Harper, 203 629-2186 or jharper@bcpsecurities.com) is the solicitation agent outside Argentina, and Banco CMF SA (Attn: Mercado de Capitales, +54 11 4318-6800 or mercadodecapitales@bancocmf.com.ar) is the solicitation agent in Argentina.
Morrow Sodali International LLC (clisa@investor.morrowsodali.com, 203 658 9457, +44 4513 6933) is the information and tabulation agent.
Clisa is a Buenos Aires-based infrastructure manager and developer with construction, waste management, transportation and water supply services as its principal business segments.
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