Argentina's Alto Palermo buys back remaining $48.4 million of peso-denominated bonds

By Reshmi Basu

New York, April 12 - Alto Palermo SA said it cancelled its remaining $48.4 million of peso-denominated 14 7/8% notes.

The total amount issued in 2000 was $85 million.

Proceeds from a $50 million loan were used to cancel the debt. The loan is due on April 5, 2007 and bears an interest rate of 7 7/8% for the first year.

Alto Palermo, based in Buenos Aires, is a real estate investment and development company.

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