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Argentina's Autopistas del Sol makes changes to exchange offer terms
By Caroline Salls
Pittsburgh, March 9 - Autopistas del Sol SA has extended the expiration of the first step of its debt exchange offer to 5 p.m. ET on March 22 from March 8 and made changes to some of the exchange offer terms, according to a company news release.
Under the first step of the exchange, all of the company's step-up notes due 2014 and all of its 11½% notes due 2017 will be exchanged for peso-linked notes due 2015 at par, cash or escalating-interest notes due 2020 at par.
Under the second step of the exchange, all of the notes issued under the first exchange will be exchanged for 10% discount notes due 2017.
The company said it will use up to $20 million to retire up to $50 million of existing notes under the cash option.
According to the release, the company is also soliciting powers of attorney to execute an Acuerdo Preventivo Extrajudicial.
In addition to extending the first-step expiration date, Autopistas del Sol has also changed the mandatory redemption dates of the peso-linked floating-rate notes due 2015.
Specifically, 2% of the original peso face amount will be subject to redemption at June 1, 2011, 25% at June 1, 2012, June 1, 2013, and June 1, 2014 and 23% at June 1, 2015.
The company has also changed the interest rate applicable to the peso-linked floating-rate notes to the Badlar Private Banks Floating Rate plus 100 basis points from the Badlar Private Banks Floating Rate and has increased the nominal principal amount of those notes that can be issued under the offers and solicitations to $307.03 million.
The assumed exchange rate at which the dollar-denominated debt tendered in exchange for the peso-linked floating-rate notes has been changed to Ps. 3.80 per $1 from Ps. 3.843 per $1 to reflect post-restructuring and capitalization scenarios.
Autopistas del Sol is a Buenos Aires-based transportation company.
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