Compania General de Combustibles extends swap offer for 9½% notes

By William Gullotti

Buffalo, N.Y., Oct. 15– Compania General de Combustibles SA extended its 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 on Friday.

The company extended the expiration date to 11:59 p.m. ET on Oct. 28 from 11:59 p.m. ET on Oct. 14.

Notes tendered between the two dates may not be withdrawn.

Excepting the expiration date extension, no other changes were made to the terms of the swap offer.

As of the original expiration date, $8 million principal amount of the notes, or approximately 8.5% of the outstanding principal, were validly tendered.

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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