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Argentina's Alpargatas sets vote on debt restructuring for Oct. 24
New York, Sept. 26 - Alpargatas SAIC said it has scheduled meetings of its various series of bonds for Oct. 24 to vote on its proposed debt restructuring under an acuerdo preventivo de acreedores. Investors will also be asked to pick options under the restructuring.
The meetings will be held at 10 a.m. local time in Buenos Aires.
Debt covered by the vote is Alpargatas' series B bonds due March 15, 2010, series A bonds due March 15, 2015, 9% convertible bonds due March 15, 1998, 11¾% series 10 bonds due Aug. 18, 1998, 12¾% bonds due July 30, 2003, promissory notes due April 21, 1998, promissory notes due June 8, 1998 and promissory notes due Aug. 13, 1998.
Noteholders are being offered four options:
* Option A offers new notes with no haircut. The notes will have a 25-year maturity and a 10-year grace period. Interest will step up from 1% to 3% with a two-year grace period;
* Option B offers new notes with a 50% haircut. The notes will have a 15-year maturity and a five-year grace period. Interest will step up from 1% to 3%;
* Option C offers new notes with a 75% haircut. The notes will have a 15-year maturity and an 11-year grace period. They will not pay interest. Holders will also receive 7 cents in cash. The option is capped at AR$50 million;
* Option D offers capitalization of the debt into stock at the rate of AR$12 per share. There will be a 20% haircut.
Investors who do not choose will be assigned to option A. If option C is oversubscribed, the excess will be transferred to option D.
Alpargatas is a footwear and textiles manufacturer and retailer based in Buenos Aires, Argentina.
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