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Transportadora de Gas del Sur receives tenders of 70.1% of debt restructuring notes
New York, April 24 - Transportadora de Gas del Sur SA said holders tendered $297.199 million or 70.1% of the notes it issued via an exchange offer in December 2004 under its debt restructuring.
The response by the early tender deadline is sufficient to allow the company to amend the terms of the notes, according to a company news release.
TGS announced on April 9 that it was tendering of the notes, including its $121.58 million of class A notes; $233.56 million of class B-A notes; $21.74 million of class B-B notes; $7.63 million of class A-P notes; $36.22 million of class B-A-P notes; and $3.35 million of class B-B-P notes.
Specifically, holders of class A and class A-P notes will receive $694.60 per $1,000 of notes tendered; holders of class B-A and class B-A-P notes will receive $1,042.39 for each $1,000 tendered; and holders of class B-B and class B-B-P notes will receive $1,106.12 for each $1,000 of notes tendered.
Noteholders who tendered their notes by 5 p.m. ET on April 23 will receive a premium of $2.50 for each $1,000 of notes tendered.
The company said it will also redeem any notes not tendered in the offer on June 15.
TGS said noteholders will also receive interest unpaid as of March 15.
Holders of class B-A and class B-A-P notes will also be entitled to additional interest of 2% of the face value of the notes from Jan. 1 to the liquidation date, which is currently expected to be May 11.
As previously reported, the company will issue up to $500 million of new notes in one or more tranches, and it also plans to repay its loan agreement with the Inter-American Development Bank.
The offer expires at 11:59 p.m. ET on May 7.
TGS is a Buenos Aires-based natural gas distributor.
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