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Transportadora de Gas del Sur receives tenders of 89.4% of debt restructuring notes
By Caroline Salls
Pittsburgh, May 8 - Transportadora de Gas del Sur SA holders tendered $378.91 million or 89.4% of its outstanding notes issued via a December 2004 exchange offer under its debt restructuring, according to a 6-K filed with the Securities and Exchange Commission.
The offer to purchase expired on Monday, and the settlement date for the offer is expected to be May 14.
As previously reported, TGS announced on April 9 that it was tendering for the notes, including its $121.58 million of class A notes; $233.56 million of class B-A notes; $21.74 million of class B-B notes; $7.63 million of class A-P notes; $36.22 million of class B-A-P notes; and $3.35 million of class B-B-P notes.
Specifically, holders of class A and class A-P notes will receive $694.60 per $1,000 of notes tendered; holders of class B-A and class B-A-P notes will receive $1,042.39 for each $1,000 tendered; and holders of class B-B and class B-B-P notes will receive $1,106.12 for each $1,000 of notes tendered.
Noteholders who tendered their notes by 5 p.m. ET on April 23 will receive a premium of $2.50 for each $1,000 of notes tendered.
The company said it will also redeem any notes not tendered in the offer on June 15.
TGS said noteholders will also receive interest unpaid as of March 15.
Holders of class B-A and class B-A-P notes will also be entitled to additional interest of 2% of the face value of the notes from Jan. 1 to the liquidation date, which is expected to be May 11.
As previously reported, the company will issue up to $500 million of new notes in one or more tranches, and it also plans to repay its loan agreement with the Inter-American Development Bank.
TGS is a Buenos Aires-based natural gas distributor.
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