Compania General de Combustibles offers to swap $40 million 9½% notes

Chicago, Sept. 17 – Compania General de Combustibles SA started an offer to exchange up to $40 million principal amount of its outstanding 9½% notes due Nov. 7, 2021 (Cusips: 20448QAA8, P3063DAA0) for 9½% senior amortizing notes due 2025, according to a press release.

There is currently $93,383,000 of the notes outstanding.

The company is offering to exchange $1,000 of existing notes for a like amount of notes due 2025 with the same coupon.

Accrued interest on the notes tendered in the exchange will be paid in cash.

Tenders may be prorated.

The early tender deadline is 5 p.m. ET on Sept. 29, also the withdrawal deadline.

The offer expires at 11:59 p.m. ET on Oct. 14.

Early settlement is tentatively planned for Oct. 4. Final settlement is scheduled for Oct. 19.

Exchanging noteholders should be aware that there could be some Argentine tax considerations involved in the exchange.

For noteholders who tender a principal amount of $500,000 or less, the company will help pay the processing fee by compensating noteholders with an amount equal to 0.25% of the principal amount of the notes tendered.

Global Bondholder Services Corp. (212 430-3774, 866 470-3800, https://gbsc-usa.com/eligibility/cgc) 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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