Central Termica issues $22.03 million new notes, pays $8.86 million in cash under exchange offer

By Caroline Salls

Pittsburgh, July 26 - Central Termica Guemes SA has completed an exchange offer for its $31.67 million of 2% series A notes due 2013 and $21.93 million of 2% series B notes due 2013, according to a company news release.

As previously reported, the existing notes were exchanged for either cash or new 10.5% notes due Sept. 11, 2017.

Specifically, noteholders could elect to receive either $650.00 of new notes per $1,000 principal amount of old notes or $650.00 in cash per $1,000 principal amount of old notes.

The exchange offer expired at 5 p.m. ET on July 20.

The Bank of New York is the principal agent for the exchange offer and new notes.

Under the exchange offer, the company issued $22.03 million of new notes and distributed $8.86 million in cash.

In addition, the company paid $335,566 in interest on the existing notes.

The new notes will include an optional recall, and they have not been rated.

Central Termica said $4.24 million of the series A notes and $1.83 million of the series B notes remain outstanding following the exchange offer.

Central Termica is a Salta, Argentina, operator of electric generating power stations.

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