Argentina’s CGC offers to exchange notes due 2021 for notes due 2025, cash

By Wendy Van Sickle

Columbus, Ohio, Aug. 6 – Compania General de Combustibles SA (CGC) began an offer to exchange any and all of its $300 million of 9˝% senior notes due Nov. 7, 2021 (Cusips: 20448QAA8 and P3063DAA0) for new 9˝% senior amortizing notes due 2025 and cash, according to a company news release.

The company is offering a consideration of $950 of new notes plus $100 in cash to holders who tender their notes for exchange by the early deadline, 5 p.m. ET on Aug. 19.

Holders who tender their notes after the early deadline, but before the expiry of the offer, 11:59 p.m. ET on Sept. 2, will receive $950 of new notes plus $50 in cash.

Settlement is expected on Sept. 7.

Concurrently with the exchange offer, the company is also soliciting consents to some amendments to the note indenture to extend the maturity of the notes.

Holders who tender their notes under the exchange offer must also deliver their consents under the solicitation.

The exchange offer is conditioned upon more than 50% of the notes being tendered.

The company held a tender offer for the notes in August of 2019, but that offer was terminated because the financing condition had not been satisfied.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc. are the dealer managers.

Global Bondholder Services Corp. (212 430-3774, 866 470-4500 or contact@gbsc-usa.com) is the exchange and information agent.

The Buenos Aires-based company is engaged in gas distribution and hydrocarbons exploration and production.

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