Argentina's Transportadora de Gas del Norte starts exchange offer

By Jennifer Chiou

New York, July 12 - Transportadora de Gas del Norte SA announced the start of its private exchange offer for any and all of its $141,279,932 of outstanding series A notes and its $203,630,111 of outstanding series B notes.

On Dec. 22, 2008, the company suspended payments of principal and interest on its financial debt, and, as a result, these notes are in default.

The Buenos Aires, Argentina-based distributor of natural gas is offering a combination of a cash payment, new seven-year step-up notes and claim protection notes.

For each $1,000 principal amount of notes, Transportadora de Gas del Norte is offering an exchange consideration of $494.20 principal amount of new step-up notes, $164.68 of claim protection notes and a cash payment of $329.45 for those who tender by 5 p.m. ET on July 25. The cash payment decreases to $280.00 after the early deadline.

The offer will end at 11:59 p.m. ET on Aug. 8.

The exchange offer is conditioned upon the receipt of tenders for exchange from holders of at least 88% of the notes.

Questions may be directed to Lorena Capriati at 54 11 4008 2343 or MariaLorena.Capriati@tgn.com.ar.

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