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Argentina’s Pan American Energy gives results of exchange offer
By Mary-Katherine Stinson
Lexington, Ky., July 18 – Pan American Energy SL, Argentine Branch announced that $105,152,000 of its existing 5% senior notes due 2023 (Cusips: E7S78BAA0, 69784DAA6) have been validly tendered for exchange as of the expiration date of the offer, according to a press release Monday.
This represents 87.63% of the $120 million outstanding existing notes.
The offer expired at 5 p.m. ET on July 15.
As previously reported, the company was offering to exchange its 5% senior notes for newly issued 7¼% notes, providing an opportunity for existing holders to remain invested in the company’s debt securities with an increased coupon and an extended maturity date of 2025.
The exchange offer was for $1,000 of new notes for $1,000 of old notes, plus accrued interest on the existing notes to the settlement date of the exchange offer.
The existing notes are set to mature on Nov. 15, 2023. The company plans to repay the notes at maturity, unless they have been previously repurchased, redeemed or exchanged.
Pan American Energy, SL will guarantee the newly issued Regulation S notes.
The company expects settlement to be on or about July 21.
The dealer managers for the offer are Itau BBA USA Securities, Inc. (888 770-4828, 212 710-6749) and Banco Santander, SA (+44 7418 709 688, +44 7708 315 191, Tommaso.grospietro@gruposantander.com, alex.pilkington@gruposantander.com).
Morrow Sodali International LLC is the information and exchange agent (203 609-4910, +44 20 4513 6933, panamericanenergy@investor.morrowsodali.com).
Pan American is an integrated energy company with upstream and downstream operations in Argentina, as well as upstream operations in Bolivia and Mexico. The company is based in Buenos Aires.
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