E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 7/7/2022 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Pampa Energia extends exchange early premium through end of offer

Chicago, July 7 – Argentina’s Pampa Energia SA announced the initial results of its exchange offer and also said that it was extending the early participation deadline through the end of the offer in a press release on Thursday morning.

The company started the any-and-all exchange offer for the outstanding $500 million 7 3/8% senior notes due July 21, 2023 (Cusips: 71647XAA5, P7873PAE6) issued by Petrobras Argentina SA for new notes on June 16.

As of the original early participation deadline at 5 p.m. ET on July 6, the company received tenders for $102,337,000 of the notes, or 20.47% of the principal amount of notes outstanding under option A and approximately $198,661,000, or 60% of the notes, in tenders under option B.

Noteholders can either choose option A or option B when tendering their notes, as previously reported.

Option A

As a recap, noteholders tendering under option A on or prior to the extended early participation deadline will receive a combination of the early A pro-rata cash consideration and the applicable early A new notes consideration.

The pro-rata cash consideration will be an amount equivalent to the lesser of (1) 30% of the aggregate principal amount of old notes validly tendered and accepted for exchange in the entire offer and the principal amount of old notes accepted and (2) the principal amount of old notes accepted for exchange under option A.

The amount of new notes issued, per $1,000 principal amount tendered under option A, will be the difference between $1,000 and the pro-rata cash consideration.

Option B

Noteholders tendering under option B on or prior to the early participation will receive $1,010 principal amount of new notes per $1,000 principal amount validly tendered and accepted for exchange.

Offer details

In all cases, accrued interest will also be paid.

The offer is conditioned upon, among other conditions, a minimum of $350 million notes tendered in the offer.

The offer will expire at 11:59 p.m. ET on July 20, also the new early participation deadline to receive the full consideration.

The withdrawal date was the same as the original early participation date and has passed.

Settlement is expected to be Aug. 8, in compliance with the approval received from the Argentine Central Bank to access the foreign exchange market starting on Aug. 1 for obtaining the U.S. dollars required for the total cash consideration.

D.F. King Ltd. (877 732-3617; 212 269-5550; pampa@dfking.com) is the information and exchange agent for the exchange.

Citigroup Global Markets Inc. and Santander Investment Securities are the joint global coordinators and lead dealer managers for the exchange offer. BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are joint dealer managers. Banco de Galicia y Buenos Aires SAU, Industrial and Commercial Bank of China (Argentina) SAU and Banco Santander Argentina SA are acting as local placement agents.

Pampa Energia is an energy company based in Buenos Aires.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.