Argentina's Emgasud's noteholders approve issuance, cancellation

By Caroline Salls

Pittsburgh, Sept. 9 - Emgasud SA's class 1 series 1 and class 1 series 2 noteholders approved the issuance of new notes, the proceeds of which will be used to cancel at least 92% of the existing class 1 notes, according to a company news release.

The noteholders voted at a meeting held Wednesday.

The maximum amount of notes outstanding will be $160 million, and interest will not exceed 8%.

In addition to the notes exchange option, existing noteholders will be able to choose a cash payment option.

Holders whose notes were not canceled by the new issuance will have the option to redeem the notes at any time.

The noteholders also voted to amend the terms of the existing notes to allow guarantees to be upgraded to cover the entire principal and interest due on the Dec. 15, 2011 final maturity date.

Emgasud is a Buenos Aires, Argentina, natural gas distribution and transportation company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.