Argentina's Transener offers to exchange, buy back 2016 class 1 notes

By Caroline Salls

Pittsburgh, July 8 - Compania de Transporte de Energia Electrica en Alta Tension Transener SA (Transener) will issue up to $148.6 million of class 2 fixed-rate notes due 2021 and offer to exchange all of its class 1 fixed-rate notes due 2016 for the new notes due 2021, according to a news release.

Transener said it will also offer to buy back each of the existing notes in circulation.

The company said it will establish the exchange rate, issue price and repurchase price at a later date.

The notes issuance can be increased to up to $300 million of the class 2 notes. The offers are subject to the issuance of at least $100 million of the new notes.

The subscription period for the class 2 notes will end on July 25, and the new notes will be issued on July 29. The exchange offer and repurchase offer will expire on Aug. 9.

The new notes have been rated raBBB+ by Standard & Poor's International Ratings.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the international agents for the notes issuance and related consent solicitation, and Citicorp Capital Markets SA and Deutsche Bank SA are the local agents.

Transener is an Argentine energy company.

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